In a remarkable two-week period, Cardano (ADA) has surged by an impressive 144%, now trading at $0.793. This substantial increase has captured the attention of traders, as many are now focusing on whether ADA can successfully breach the critical threshold of $0.80 and target $1.
Are Major Players Boosting Their ADA Investments?
Evidence suggests that prominent investors are significantly increasing their ADA positions. A report from blockchain analytics firm IntoTheBlock indicates that wallets holding more than $10 million in ADA have ramped up their investments by 134.09%. Such substantial acquisitions are believed to bolster ADA’s price, reflecting a growing confidence among key market players.
Can ADA Reach the $1 Milestone?
Current technical assessments show that ADA is at a pivotal moment. If it surpasses the $0.80 resistance mark, predictions indicate it could rise to $0.89 and eventually reach $0.9871. Conversely, failing to break this resistance might lead to a decline towards $0.71, a scenario supported by Fibonacci retracement analysis.
Positive Market Sentiment
The prevailing optimistic market sentiment further fuels ADA’s potential. Coinglass data reveals that long positions on major exchanges like Binance, OKX, and Bybit have surged to three times the number of short positions, indicating bullish expectations among participants.
With strong performance driven by both social sentiment and technical indicators, Cardano is poised for further growth. However, investors should exercise caution as market fluctuations may occur.
