According to U.Today, Cardano (ADA), the ninth largest cryptocurrency by market capitalization, experienced a significant surge in November, with its value increasing by 211% over the past 30 days, as per CoinGecko data. This rise saw Cardano's market cap triple, surpassing the $1.00 mark for the first time since April 2022. The cryptocurrency began its upward trajectory on November 5, reaching $1 on November 22, a milestone it had not achieved in years. The peak was observed at $1.15 during Saturday's trading session, where resistance was encountered.
The recent price increase of Cardano may be attributed to several factors, including heightened whale activity and a positive market sentiment. Crypto analyst Ali Martinez highlighted in a November 22 tweet that the volume of large Cardano transactions on the network exceeded $22 billion per day, indicating significant whale and institutional involvement. These large transactions are linked to high accumulation levels, with whales holding between $1 million and over $10 million in ADA increasing their positions by more than 100% in the past month. In the last 24 hours, Cardano's large transaction volume rose by 17.67% to $45.41 billion, or 41.83 billion ADA.
The broader cryptocurrency market also experienced a bull run, with Bitcoin nearing the $100,000 mark, which positively influenced altcoins like Cardano, contributing to its surge. However, at the time of writing, ADA was trading down 11.26% in the last 24 hours to $0.978, as the crypto market faced a downturn due to profit-taking. Despite this decline, ADA remains 36% higher on a weekly basis. If ADA maintains its price above $0.80, it could indicate that bulls have established this level as support, potentially leading to a rebound above $1 and possibly reaching $1.25. Conversely, if ADA's price falls below $0.80, it could trigger a further decline to $0.63.
Cardano's crossing of the $1 market value on Friday marked the first time in over two and a half years. On this date, Santiment reported that trader realized gains were at their highest in eight months, with over $165 million in realized ADA profits, the largest since March 19, 2024. Additionally, social media discussions about ADA have surged since December 8, 2023. Profit-taking by traders may have contributed to the recent price drop, but the overall outlook for ADA remains optimistic if key support levels hold.
