Cardano Reaches New Year-High of $0.97, Analysts Predict $1 Target
Cardano (ADA) has increased over 200% in the last three weeks, reaching a 2.5-year high. Today, it rose more than 20%, surpassing the $0.90 mark and creating positive sentiment for the $1 target.
Cardano Reaches New Year-High Above $0.90
On Friday, Cardano broke the $0.81 resistance and climbed to a new year-high of $0.97, representing a 22% increase in 24 hours, the highest price since late April 2022. Previously, ADA peaked above $3.10 three years ago but fell to a low of $0.22 in June 2023, a 92% drop from its all-time high (ATH). This decline led to criticism regarding its market performance.
However, Cardano recovered in Q1 2024, reaching $0.81 before losing 66% of its gains. The recent market rally has allowed ADA to outperform most altcoins in the past three weeks, renewing interest in the cryptocurrency.
According to CoinGlass data, Cardano’s open interest increased by 28.25% in the last 24 hours to $855.5 million, with an 11% rise in the last four hours, indicating heightened activity among traders.
Will ADA Reach $1 Soon?
Investors and analysts are optimistic about ADA’s recent performance. Crypto analyst Ali Martinez noted the 200% surge this month, driven by whales and institutional investors. Large ADA transactions increased by over 297% since the US election, totaling $22 billion on November 19.
Martinez indicated that these large transactions reflect significant accumulation, with whales holding $1 million to $10 million in ADA increasing their positions by over 100% in the past 30 days. He suggested that ADA's price movement mirrors trends from 2020-2021, potentially leading to a 2,000% increase toward the $6 mark if historical patterns continue.
As ADA surpassed $0.90, Martinez identified the $0.80 resistance as crucial support, where 48,000 addresses had purchased 1.2 billion ADA. Analyst Sebastian highlighted that beyond the $0.80 resistance, little resistance exists until $1.2, suggesting the potential for a rapid increase toward the $1 mark this weekend.
Currently, ADA is trading at $0.97, reflecting a 46% increase over the past week.
