Cardano (ADA) currently ranks as the ninth-largest cryptocurrency and has become one of the best-performing currencies in the market. Over the past two weeks, the currency has risen by 108%, reaching a new high not seen in 32 months, thanks to the bullish sentiment following Donald Trump's victory in the presidential election on November 5.
Cardano is expected to set a new historical high
Cryptocurrency analyst Ali Martinez recently highlighted ADA's outstanding performance in an article on X (formerly Twitter), noting that this cryptocurrency has surged nearly 200% in the past three weeks. Despite such a significant increase, Martinez stated that there may be even greater growth ahead.
Martinez noted in his analysis that whales and institutional investors have strategically prepared for future price movements. He reported that the trading volume on the Cardano network has exceeded $22 billion daily, indicating a high accumulation level among large holders.
Notably, whales (individuals or entities holding $1 million to $10 million in ADA) have increased their holdings by over 100% in the past month, indicating strong confidence in Cardano's potential.
Martinez further elaborated on ADA's price movement, believing that sustained buying pressure reflects the patterns observed in previous bullish cycles. He thinks that if this trend continues, Cardano's price could reach levels of $6, which is nearly double the historical high of $3.09 set during the 2021 bull market.
Such a price increase would mean a shocking 461% rise from current levels. However, to make this bullish argument valid, Martinez emphasizes that the support level at $0.80 is crucial.
Analysts point out that approximately 48,000 ADA addresses have purchased nearly 1.2 billion ADA coins at this price, which could lay a solid foundation for future growth.
Previously, Martinez predicted that if history repeats itself, the price of Cardano could peak in the market at $9 in September 2025, indicating that the next 10 months may not only witness one of the largest increases for ADA but also one of the largest increases in the entire cryptocurrency market.
The price target resistance level for ADA is $1.25
Other analysts have also expressed views on Cardano (ADA)'s recent performance, further corroborating Martinez's optimistic forecast. Rekt Capital noted that ADA's "performance has been remarkable," indicating that this cryptocurrency has confirmed a new macro upward trend.
Rekt emphasizes that the last time ADA broke the $0.72 level, the price subsequently rebounded to a historical high of $3, indicating similar growth potential in the future.
Another analyst named Sssebi shared his insights, predicting that once ADA breaks the $1.60 mark, it could quickly rise to $2.40. He emphasized that this upward momentum would lay the groundwork for setting a new historical high.
However, the analyst also warned that the next resistance area to watch is at $1.25, suggesting that while the outlook is optimistic, there may be a pullback in the short term.
