In recent weeks, Cardano (ADA) has captured the attention of the cryptocurrency community with its impressive performance. The digital asset has surged over 200%, reaching heights not seen in over two and a half years. Today, Cardano made headlines as its price soared past the $0.90 mark, invigorating a bullish sentiment among investors eagerly eyeing the $1 target.
Cardano Reaches New Yearly High Above $0.90
The momentum for Cardano picked up on Friday when it successfully broke through the $0.81 resistance level, catapulting to a new yearly high of $0.97. This remarkable 22% increase in just 24 hours has pushed the token to its highest value since late April 2022, showcasing its potential to reach even greater heights.
Historically, Cardano reached a peak of over $3.10 three years ago, but faced challenges as the broader crypto market struggled, eventually bottoming out at $0.22 in June 2023. Since falling 92% from its all-time high, ADA has faced criticism for lagging behind other cryptocurrencies. However, the tide seems to be turning as Cardano’s resurgence has caught the attention of investors.
In the first quarter of 2024, Cardano experienced a recovery, climbing to $0.81 before relinquishing 66% of its gains in subsequent months. The recent market rally has reinvigorated ADA, outperforming many altcoins over the last three weeks and renewing interest in the cryptocurrency.
According to data from CoinGlass, Cardano’s open interest (OI) has surged by 28.25% in the past 24 hours, reaching $855.5 million today. Moreover, it has seen an 11% increase in the last four hours alone, indicating heightened activity and growing confidence among crypto traders.
Will ADA Reach the Coveted $1 Mark Soon?
Investors and analysts are optimistic about Cardano’s recent “fire” performance. Crypto analyst Ali Martinez observed that ADA has surged over 200% this month, driven by the involvement of whales and institutional investors. This influx of large transactions on the network has increased by over 297% since the US election, totaling $22 billion as of November 19.
Martinez suggests these significant transactions are indicative of high accumulation levels, with whales holding between $1 million and $10 million in ADA increasing their holdings by over 100% in the past month. Furthermore, ADA appears to be mirroring its 2020-2021 price behavior. Martinez, as reported by NewsBTC, predicts a potential 2,000% run towards the $6 mark if this trend continues.
As ADA’s price surged beyond $0.90, Martinez emphasized the significance of the $0.80 resistance level, where approximately 48,000 addresses accumulated 1.2 billion ADA, deeming it a crucial support area for maintaining a bullish outlook.
Another analyst, Sebastian, noted that beyond the $0.80 resistance, “there isn’t much resistance until $1.2.” This observation suggests that Cardano could experience a substantial price increase, potentially reaching the long-anticipated $1 mark over the weekend.
As of now, ADA is trading at $0.97, marking a 46% increase over the past seven days, signaling positive momentum and promising potential for future growth in the crypto market.
