Cardano Rises on Rumors of SpaceX Partnership Amid Market Rally

Cardano (ADA) has experienced a significant increase in its value, reaching its peak since March 2024. This surge, amounting to almost 170% from its lowest point this year, coincides with a larger rally in the cryptocurrency market. This boost saw Bitcoin climb to $92,000, pushing the overall market capitalization to $3 trillion, according to reports from market analysts.

The Crypto Fear and Greed Index, currently positioned in the «extreme greed» section, indicates growing investor confidence in the crypto market. Cardano is presently trading at $0.753, marking a 2.02% rise in its market capitalization, which is now at $26.40 billion.

One of the key factors contributing to Cardano’s price increase is speculated to be potential collaboration with SpaceX. These rumors were sparked when Charles Hoskinson, the founder of IOHK, Cardano’s development company, posted an image of himself with a SpaceX rocket. Moreover, he hinted at ‘a big deal’ in the near future through social media, further fueling speculation of a partnership between Cardano and Elon Musk‘s space enterprise.

In addition, Hoskinson changed his profile picture on X (formerly known as Twitter) to an image of himself on a rocket, adding to the conjecture. Despite these hints, it remains unclear whether Hoskinson and Musk are indeed in talks or if a partnership will materialize.

Additionally, whispers of collaboration intensified when Brandon Turp, a crypto investor, suggested Cardano could be integral to a blockchain-based voting system. Hoskinson has also expressed interest in potentially becoming a crypto advisor for a future Trump administration, although sources like BitBoy have expressed skepticism about these prospects.

From a technical analysis viewpoint, Cardano has shown signs of continued upward movement. The ADAUSD chart reveals a ‘falling wedge’ pattern, typically regarded as a bullish indicator. Furthermore, strong support has been established at $0.321, which has held firm since October. Analysts suggest that if ADA can surpass the resistance level at $0.820, its price may reach $1.