🔵 Cardano ($ADA) Soars 211%: What's Next for the Bullish Trend? 🚀

Cardano (ADA) has made a remarkable surge in November, skyrocketing by 211% over the past 30 days, according to CoinGecko. ADA’s market cap has more than tripled, with the token crossing the $1.00 mark for the first time since April 2022. On November 22, Cardano reached a high of $1.15 before encountering resistance. The rally began on November 5, and the price action has been bullish ever since.

Several factors are driving this impressive rise, including increased whale activity and positive market sentiment. Crypto analyst Ali Martinez pointed out that large transactions on the Cardano network, exceeding $22 billion per day, are signaling heavy accumulation by whales and institutional investors. Whales holding between $1 million and $10 million in ADA have increased their positions by over 100% in the past month. In the last 24 hours, large transaction volume surged by 17.67%, reaching $45.41 billion (or 41.83 billion ADA).

This surge aligns with a broader market bull run, with Bitcoin approaching the $100,000 mark, boosting sentiment across the crypto space.

However, at the time of writing, ADA is facing a slight pullback, down by 11.26% in the last 24 hours to $0.978 as traders take profits. Despite this, ADA remains up 36% on the week, showing strong support above $1.

As for the future of Cardano, the market is closely watching to see if ADA can continue its momentum and reclaim the $1.15 resistance level. Traders are also keeping an eye on profit-taking trends, which have been significant, as ADA continues to dominate social media discussions and captures investor attention.

$ADA