The Cardano (ADA) price has been outperforming the rest of the crypto market today with more than 12% gains while extending the rally to $0.83. This comes amid a staggering 145% surge in the Cardano whale accumulation over the past month. Over the last week, ADA has gained nearly 54% being among the top-performing altcoins, with investors soon eyeing a rally to the crucial milestone of $1.0. Crypto analyst Ali Martinez has also predicted that ADA price could reach $6 in this market cycle.
Cardano (ADA) Whale Accumulation Triggers Price Rally?
Crypto analyst Ali Martinez pointed out a significant surge in the Cardano whale activity and accumulation. This shows growing confidence in Cardano’s native token ADA. According to Martinez, wallets holding over $10 million worth of ADA have increased their positions by an impressive 145.72% over the past month.
Furthermore, the Cardano blockchain has also witnessed a healthy uptick in decentralized finance (DeFi) activity on the network. Cardano’s Total Value Locked (TVL) has surged to $479.8 million, approaching its all-time high as the blockchain continues to gain traction, as per the data from DeFiLlama.
This growth comes amid ADA’s rising price and increased activity across decentralized exchanges (DEXes), lending platforms, and other protocols within the Cardano ecosystem. The momentum underscores the expanding utility and adoption of Cardano’s DeFi infrastructure.
This surge in the DeFi activity along with bullish Cardano on-chain metrics shows that the ADA price rally can continue further from here.
Is ADA Preparing for a Mega Rally to $6?
Blockchain analytics platform Santiment reported that ADA is already decoupling from the altcoin pack with the price approaching an 8-month high. The ADA-to-Bitcoin price ratio is also nearing an 8-month peak, reflecting growing strength against the leading cryptocurrency. Santiment noted that current ADA transaction and whale activity levels were last observed in June, just before a 26% surge in the ADA/BTC pair
As of press time, the ADA price is trading at $0.786 with a market cap of $27.54 billion and daily trading volume surging by 25% to $2.27 billion.
On the other hand, crypto analyst Ali Martinez noted that the Cardano price is showing very similar patterns to the 2020 bull run. Sharing a chart earlier in November, he showed that ADA could be heading for a 2000% rally all the way to $6 while hitting a new ADA all-time high. Martinez wrote:
In a recent X post, Martinez reaffirmed his $6 prediction while remarking that he doesn’t understand the hate towards Cardano. He noted that the coin is already up over 140% since the end of last month and suggested that the rally isn’t stopping anytime soon.
On the other hand, Cardano founder Charles Hoskinson is putting some focus on their partnership with XRP. Hoskinson recently engaged in a technical exchange with Ripple CTO David Schwartz, capturing the blockchain community’s attention.
The conversation delved into Midnight, Cardano’s privacy-focused blockchain initiative, and XRP, Ripple’s digital asset, sparking excitement about potential collaborations ahead.
