As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear cycles. However, the recent performance of Cardano (ADA) has caught my attention, particularly its impressive 108% increase over the past fortnight.
Cardano (ADA), currently holding the ninth position among cryptocurrencies, has risen as one of the market’s leading performers recently. Over the last fortnight, it has seen a significant surge of 108%, reaching a 32-month peak, largely due to a swell of optimistic investor feelings following Donald Trump’s presidential win on November 5th. This bullish wave seems to have fueled its price rise.
Potential For Cardano To Reach New All-Time Highs
In a recent post on social media platform X (previously known as Twitter), crypto analyst Ali Martinez pointed out ADA’s impressive rise of approximately 200% over the past three weeks. However, Martinez anticipates that even more substantial growth could potentially occur in the future.
According to Martinez’s examination, it was noted that both whales and institutional investors were carefully positioning themselves for potential future price changes. He also shared that the daily volume of large transactions on the Cardano network has exceeded $22 billion, suggesting a substantial buildup among major stakeholders.
Significantly, entities with ADA holdings ranging from $1 million to $10 million have significantly boosted their investments by more than double in the last month, suggesting a strong belief in Cardano’s future prospects.
Martin continued discussing ADA’s price movement, explaining that the current buying activity resembles patterns seen in past bullish phases. If this trend persists, he believes Cardano’s price may aim for the $6 level, which is almost double its all-time high of $3.09 hit during the 2021 price surge.
Such a price increase would represent a staggering 461% surge from its current levels. Yet, for this bullish thesis to hold, Martinez emphasizes the importance of $0.80 support.
According to the analysis, around 48,000 ADA wallets bought roughly 1.20 billion tokens at this price level, potentially creating a strong base for future expansion.
Earlier analysis by Martinez indicates that if historical patterns persist, the Cardano price might reach a peak around September 2025, potentially signifying an extended period (approximately 10 months) of significant growth, not just for ADA but also for the overall cryptocurrency market.
ADA Price Targets $1.25 Resistance Level
Additionally bolstering Martinez’s optimistic forecasts, other experts have shared their views on Cardano’s (ADA) recent progress. Rekt Capital has highlighted an “extraordinary surge” in ADA, suggesting that the cryptocurrency has signaled a new long-term upward trend.
Previously, when ADA surpassed $0.72, it went on to reach its all-time high of $3. Rekt emphasizes that this historical trend could indicate a possibility of further growth in the future.
According to another expert, often referred to as Sssebi, he anticipates that when ADA exceeds $1.60, it might quickly climb up to $2.40. He underlined that this bullish trend could potentially bring the all-time high within grasp.
Additionally, the analyst warned that potential resistance may arise around $1.25, suggesting that although the overall perspective appears positive, there might be a temporary pullback soon.
At the time of writing, ADA was trading at $1.07, down 1% for the 24-hour period.
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2024-11-24 21:05