- Cardano (ADA) made a 25% surge in just three days to reach $0.43 after breaking an important resistance level that has been active since June 2024.
- Ali Martinez believes that ADA could replicate the 2020 cycle to post a 2,288% surge to reach $6.5 or even $10.
Cardano (ADA ) has started to take off as it experienced a 25% surge in the last three days and a 17% surge in the last 24 hours to trade at $0.433. Meanwhile, its year-to-date yield remains negative as it “struggles” to break into the top 10 largest cryptos by market capitalization.
According to Santiment’s data, this run-up will not end soon as fear of missing out on retail (FOMO) may set in. In addition, we found from other metrics that long-term holders have enormous confidence in the project as they make up 72% of the total active addresses.
According to our recent report, some large holders are also transferring their assets from exchanges to self-storage wallets, which hints at potential upside. In addition, the daily number of ADA transactions exceeding at least $100K is also increasing. On November 7 alone, there were a total of 697 such transactions. According to our investigation, this is the highest number in a single day since September 5.
Historically, significant spikes in whale activity usually result in large price spikes. Today, ADA has broken above an important resistance level at $0.42 to reach levels last seen in July. According to analysts, a successful hold above this level could drag the price to $0.47. However, failure to hold this position could see the asset fall to $0.31.
Analysts Make Bold Predictions for Cardano (ADA)
In another analysis reviewed by CNF, a well-known trader identified as Javon Marks predicted that ADA could make a huge jump to $7.77 in a 1,700% move. According to him, $2.7709 is the initial breakout target and would represent 531% of current levels.
ADA (Cardano) is currently starting to come back with great force and could enter the next and most bullish phase of its breakout process! The first breakout target is still more than 531% away at $2.7709, but history says that this journey could reach more than 1,700% to $7.77!
Meanwhile, popular analytics account, Zayk Chart, has signaled that ADA has broken out of a descending wedge pattern to initiate an upside reversal. According to this account, the current price movement marks the end of a bearish phase and the beginning of a bullish cycle. According to his observations, the asset could surge up to 70% in the short term to reach $0.60.
Analyzing Ali Martinez’s predictions, we also find that ADA could be on track for a 22X. Comparing the current phase with the previous cycle, Martinez explained that the asset started its previous bull run on November 6, 2020, after ending the consolidation phase on the 672nd day. At that time, ADA surged by 4,095% to reach an all-time high of $3.10 from a low of $0.09 .
Since the end of the previous cycle, the ADA has spent 455 days in a consolidation range. In this case, Martinez believes that the asset could reach $6.5 in a timeframe of 2,288%. Meanwhile, previous theses suggest that ADA could reach $7 or even $10 by the end of the cycle.
