Cardano (ADA) has shattered expectations by surging past the $1 mark for the first time since April 2022. In the last 24 hours, ADA has skyrocketed by over 30%, reaching $1.06, with its trading volume soaring 150% to $6.7 billion. This incredible rally defies the broader bear market, leaving analysts and investors wondering: where is ADA headed next?
Bullish Momentum Pushes Cardano Price to New Heights
ADA’s recent 30% surge marks a turning point, hitting its highest level in over two years. The crypto rally comes amid increased trading activity, driven by robust accumulation from ADA whales. Ali Martinez, a renowned crypto analyst, highlighted that whales holding between $1 million and $10 million worth of ADA have doubled their holdings over the past month, contributing to large daily network transactions exceeding $22 billion.
Martinez suggests that this surge is just the beginning:
“$ADA has surged nearly 200% in the last three weeks! But that’s nothing compared to what is coming.”
From a technical perspective, ADA appears to be mirroring its previous bullish cycles. If the pattern holds, Martinez predicts that ADA could aim for a long-term target as high as $6. However, he also cautioned that the $0.80 support level—where 1.2 billion ADA was purchased by 48,000 addresses—is crucial for sustaining this bullish momentum.
Key Metrics Signal ADA’s Strength
On-chain data paints a bullish picture for ADA:
Open Interest: A 34% increase in open interest, now at $972 million, highlights heightened trader activity.
Short Liquidations: $9.77 million in liquidated short positions over the past day further fueled ADA’s price growth, forcing bearish traders to buy back.
Market Cap Growth: Cardano’s market cap has tripled in just 17 days, with $165 million in realized profits recorded in a single day—its highest in eight months.
Social media engagement has also surged, with discussions about Cardano reaching an 11-month high, according to Santiment. This growing community interest underscores ADA’s rising prominence in the crypto space.
Experts Predict Even Bigger Gains
Dan Gambardello, another prominent analyst, echoed Martinez’s bullish outlook. He noted that ADA’s recent 200% growth mirrors its historical price patterns, pointing to key resistance at $1.05 and support at $0.80. Gambardello speculates that ADA could aim for a jaw-dropping $10 target if the momentum continues.
“This rally could be just the beginning of a monumental breakout. ADA is building strong momentum, and it’s not unrealistic to see it aiming for $10 or even $15 in the future.”
What’s Next for Cardano?
As Cardano enjoys bullish on-chain metrics and heightened investor activity, the question remains: how far can ADA go? With strong support levels and increasing whale accumulation, analysts believe ADA’s rally is far from over. If the broader crypto market remains favorable, Cardano may continue its upward trajectory, potentially rewriting its all-time highs.
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