Cardano experienced a rise in price after hitting a low of $0.23 following the FTX collapse. On-chain data from Santiment shows that three ADA metrics reached their highest levels for 2021 when the price hit this low.

These metrics include trading volume, daily active addresses, and social dominance, all of which suggest that there was genuine interest in buying the dip across the market.

This may potentially indicate that the bottom for Cardano has been reached. However, at the time of writing, Cardano is trading at around $0.27, down 22% in the last week.