Cardano (ADA) Price Skyrockets to $0.49, Indicating a Bullish Reversal?

At the time of writing, ADA is currently being traded at $0.48, which is a decrease of 0.38% in the last 24 hours according to data provided by CMC. The on-chain statistics from Into The Block reveal that Cardano addresses that purchased ADA at an average price of $0.47 have finally reached a break-even point. As a result, these investments will yield profits if the market continues to rise. Additionally, if the price manages to stay above the $0.46 level, it is highly probable that the positive momentum will persist.