The post Cardano’s ADA Market Cap Triples In Past 17 Days! Is $6 Next for ADA? appeared first on Coinpedia Fintech News

Cardano (ADA) has been making headlines with its impressive performance, showcasing a remarkable resurgence in the crypto market. Over the last 17 days, the cryptocurrency’s market cap has tripled, bringing it close to the elusive $1 mark—a milestone last seen in April 2022. With ADA showing strong bullish on-chain metrics, the big question remains, where is it headed next?

Trader Profits Hit an 8-Month High

One of the most notable outcomes of Cardano’s recent surge is the significant gains for its traders. According to Santiment, a trusted market intelligence platform, ADA has reached its highest level of realized profits in eight months. 

Cardano has tripled its market cap over the past 17 days, amazingly bringing it to the cusp of surpassing a $1.00 market value for the first time since April, 2022. Today was the highest day of trader realized ADA profits in 8 months, and social media discussions are currently… pic.twitter.com/qP0Kgq764n

— Santiment (@santimentfeed) November 22, 2024

Adding to the momentum, trading activity has soared, with volumes increasing by an impressive 150%, reaching $6.7 billion in just one day. This surge in activity shows a renewed interest in ADA as more traders dive in to take advantage of its upward trend. 

Many investors have already cashed in on these gains, making the most of the coin’s recent performance.

Cardano Surge: Could $6 Be Next?

In a recent tweet, crypto analyst Ali Martinez shared his positive outlook on Cardano (ADA), saying its recent 200% surge is just the start. Martinez’s analysis suggests that ADA’s recent rally might just be the beginning of something bigger.

He pointed out that big investors, holding between $1 million and $10 million in ADA, have doubled their holdings in the past month. 

#Cardano whales have been actively accumulating $ADA over the past month, with holders of over $10 million in #ADA increasing their positions by 145.72%! pic.twitter.com/a7v39zktuJ

— Ali (@ali_charts) November 20, 2024

Martinez also noted that ADA’s price movement follows a pattern from a past bull run. If this trend continues, he believes ADA could reach as high as $6. However, he stressed the importance of the $0.80 support level, where 1.2 billion ADA were purchased.