Cardano Surges 55% to Hit $1.09: Analysts Predict $6–$15 Potential
Cardano (ADA) has surged to $1.09, marking its highest price since April 2022 and a staggering 55% increase in just 24 hours.
This breakout follows a broader crypto rally and reflects significant bullish momentum, with trading volume spiking 150% to $6.7 billion.
On-chain metrics indicate growing confidence, as ADA’s open interest has climbed 34% to $972 million, signaling robust participation from institutional and retail traders alike.
Analysts remain optimistic about ADA’s future, pointing to the token’s bullish on-chain activity and historical patterns that suggest further upside.
Notably, whales holding between $1 million and $10 million in ADA have doubled their holdings over the past month, driving daily transactions above $22 billion.
Bullish On-Chain Data Supports ADA Momentum
Whale Accumulation and Market Cap Growth
Recent on-chain data highlights whale accumulation as a key driver of ADA’s rally. Over the past three weeks, large holders have accumulated ADA aggressively, pushing the token’s market cap to triple in just 17 days. With $165 million in realized profits recorded in a single day—the highest in eight months—Cardano is enjoying a wave of bullish sentiment.
Other metrics further underline this positive outlook:
- Social Media Engagement: Discussions about Cardano have hit an 11-month high, reflecting growing community interest.
- Liquidations: Short liquidations totaled $9.77 million in the past 24 hours, forcing bears to close positions and further fueling the rally.
Analysts Predict ADA Targets of $6 to $15
Gambardello echoes this sentiment, projecting long-term targets as high as $15 based on ADA’s historical performance and growing adoption.
Key price levels to watch include:
- Immediate Resistance: $1.14 (1.618 Fibonacci extension)
- Next Targets: $1.344 and $1.489 (2.0 and 2.272 Fibonacci levels)
- Support Levels: $1.024, $0.906, and $0.810
Despite the strong momentum, caution is warranted. The Relative Strength Index (RSI) currently sits at 82.79, indicating overbought conditions. This could lead to short-term consolidation or a minor pullback before ADA continues its upward trajectory.
Conclusion: Is Cardano Just Getting Started?
Cardano’s surge above $1.00 signals a renewed phase of bullish momentum, driven by whale accumulation, rising trading activity, and strong on-chain metrics. While the $1.14 resistance level poses a challenge, breaking above it could propel ADA toward targets of $1.344, $1.489, and beyond.
Analysts remain confident in ADA’s long-term potential, with predictions ranging from $6 to $15 as the market continues to rally. However, investors should remain vigilant for potential corrections given the current overbought conditions.
For now, Cardano appears well-positioned to capitalize on its upward momentum, marking an exciting chapter for the token.
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