Cardano (ADA) Price Faces Strong Resistance Before Possible Rally

• ADA has increased by about 50% since the beginning of 2023.
• The selling pressure is particularly intense between $0.40 and $0.42.

Cardano’s native coin ADA has experienced notable price fluctuations lately, placing it in the top 10 cryptocurrencies by market cap. ADA has increased by about 50% since the beginning of 2023, and it is now trading at $0.3921 with a market worth of $13.6 billion.

Cardano (ADA) has, however, been meeting stiff opposition at the $0.40 level. Popular crypto analyst Ali Martinez cites research from IntoTheBlock to show that “Cardano whales” (individuals holding between 1 to 10 million) have recently acquired 150 million ADA tokens worth $57 million.

Huge Barrier Before Rally

And as Ali Martinez illustrates, the selling pressure is particularly intense between $0.40 and $0.42. Between $0.40 and $0.42 is a massive 3.85 billion $ADA sell wall as per Ali.  He further added that if ADA can break past this ceiling, there should be nothing in its way, and the price might surge.

According to the most recent update, EVM smart contracts will soon be available to users of the Cardano blockchain and wallet. The news was first reported last week by Milkomeda, a network that facilitates the creation of EVM contracts on other blockchain platforms.

Milkomeda CEO Sebastien Guillemot wrote the following:

“Cardano will be a top EVM chain next month. Milkomeda (Cardano’s EVM layer) is launching a feature allowing EVERY Cardano user to use EVM contracts directly from ANY Cardano wallet All in pure ADA. This will instantly make Cardano one of the largest EVM chains by user count.”

With the implementation of staking incentives, Sebastian said, the Cardano blockchain will also be the biggest EVM chain.