Cardano (ADA) is currently in a crucial demand zone, with the potential for both new highs and corrective moves. The price level of $0.37 is acting as a major support point for ADA, which could determine its short-term trajectory. Crypto analyst Ali Martinez has observed that ADA is facing minimal resistance on its path to potential new yearly highs. The key demand zone between $0.37 and $0.38 provides a solid foundation for ADA to build upon its recent gains. However, caution is advised as a dip below the $0.37 support level could trigger a brief correction to $0.34. The TD Sequential indicator has also presented a sell signal on ADA’s weekly chart, suggesting a potential shift in market dynamics. ADA must successfully close above $0.40 to climb towards the next target of $0.46. Martinez notes that ADA’s consolidation pattern resembles the period between 2018 and 2020, raising the possibility of exceeding the $0.45 resistance level in early December. Developer activity on the Cardano network has seen a notable surge, with a high score of 572 in October. On-chain metrics also indicate a positive outlook, with a high number of addresses holding a balance and an increase in active addresses. The network has maintained a transaction count of over 50,000 and a transaction volume above $7 billion.