- Cardano (ADA) makes a 25% surge in just three days to hit $0.43 after breaking a crucial resistance level that had been active since June 2024.
- Ali Martinez believes that ADA could imitate the 2020 cycle to record a 2,288% surge to hit $6.5 or even $10.
Cardano (ADA) has begun to take off as it made 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 return remains negative as it “fights” its way into the top 10 largest cryptos by market cap.
According to Santiment data, this upsurge is not ending soon as retail fear of missing out (FOMO) could be setting in. Also, we discovered from other metrics that long-term holders have had massive confidence in the project as they make up 72% of the total active addresses.
According to our recent report, several large holders are also transferring their assets from exchanges to self-custody wallets, hinting at a potential uptick. Additionally, daily counts of ADA transactions exceeding at least $100k have also increased. November 7 alone saw a total of 697 such transactions. According to our investigation, this is the highest single-day count since September 5.
Historically, a significant surge in whale activities usually results in a massive price spike. Today, ADA has broken above a crucial resistance level at $0.42 to reach a level 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 falling to $0.31.
Analysts Make Bold Prediction for Cardano (ADA)
In another analysis reviewed by CNF, a renowned 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 a 531% from the current level.
ADA (Cardano) now starting to return with major strength and can be entering the next and most bullish phase of its breakout process! The first breakout target remains over 531% away at $2.7709, but history says this run could consist of over +1,700% to $7.77+!
Meanwhile, a popular analytical account, Zayk Chart, has hinted that ADA has broken out of a falling wedge pattern to embark on a bullish reversal. According to this account, the current price action marks an end to the bearish phase and the beginning of the bullish cycle. Per his observation, the asset could surge by 70% in the short term to hit $0.60.
Analyzing Ali Martinez’s prediction, we also uncovered that ADA could be in line for a 22X. Comparing the current phase to the previous cycle, Martinez explained that the asset commenced its previous bull run on November 6, 2020, after it ended 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 its $0.09 low.
From the end of the previous cycle, ADA has spent 455 days within a consolidation range. In this case, Martinez believes that the asset could hit $6.5 in a 2,288% run. Meanwhile, his previous thesis suggested that ADA could hit $7 or even $10 by the end of the cycle.
