Cardano (ADA) has made headlines with its outstanding performance, showcasing the remarkable recovery of the cryptocurrency market. In the past 17 days, the market capitalization of this cryptocurrency has doubled, nearing the elusive $1 mark—a milestone since April 2022. As ADA shows strong on-chain bullish indicators, the biggest question remains: where will it go next?
Traders' profits hit an eight-month high
One of the most significant outcomes of Cardano's recent surge is the substantial profits for its traders. According to the reliable market intelligence platform Santiment, ADA has reached its highest profit realization in eight months.
Trading activity has surged, with trading volume increasing by 150%, reaching $6.7 billion in just one day, further boosting ADA's momentum. As more traders join the ranks of ADA, the spike in trading activity indicates a renewed interest in ADA.
Many investors have already realized these gains, taking full advantage of the token's recent performance.
Cardano's Surge: Will the Next Target Be $6?
Cryptocurrency analyst Ali Martinez recently shared his optimistic view on Cardano (ADA) in a tweet, stating that its recent 200% surge is just the beginning. Martinez's analysis suggests that ADA's recent rise may only be the start of a larger upward trend.
He noted that large investors holding between $1 million and $10 million in ADA have doubled their holdings over the past month.
Martinez also pointed out that ADA's price movements follow the patterns of past bull markets. If this trend continues, he believes ADA could reach a high of $6. However, he emphasized the importance of the $0.80 support level, where 1.2 billion ADA were purchased.
