Cardano Surges 80% Following Announcement of US Crypto Strategic Reserve
Cardano (ADA) experienced an 80% surge after the US President announced a “Crypto Strategic Reserve” that includes ADA. Analysts predict a potential rally of 125% from current levels.
Key Developments
- The announcement came on March 2, listing Cardano, XRP, and Solana (SOL) as part of the reserve, with Bitcoin (BTC) and Ethereum (ETH) at its core.
- Following the announcement, ADA rose 60% in two hours, reaching $1 for the first time in over a month, before hitting a two-month high of $1.17.
- After peaking, ADA retraced to around $0.90, a normal move post-surge according to investor feedback.
- Analysts suggest ADA may consolidate between $0.90-$1.00 before potentially breaking past previous highs.
- A bullish breakout could target $2.20 if ADA closes above $1.19, indicating an 84% increase from that level.
- Recent whale activity showed over 420 million ADA purchased within 24 hours, signaling strong investor interest.
- Chart patterns indicate ADA is in a distribution phase after the recent pump, suggesting it may retest December highs soon.
Current trading price for ADA is $0.91, reflecting a 9.9% decrease in the daily timeframe.
