The layer-1 blockchain Cardano (ADA) is primed to continue its long-awaited price surge, according to a popular crypto analyst.
The digital asset trader Ali Martinez tells his 87,300 followers on the social media platform X that whales and “institutional players” have been buying into the Ethereum (ETH) competitor in anticipation of further price increases.
[adinserter block="1"]“The volume of large Cardano ADA transactions on the network has surpassed $22 billion per day. Those large transactions appear to be related to high accumulation levels. Indeed, whales holding from $1 million to over $10 million in ADA have increased their positions by more than 100% in the past month.
The high buying pressure is starting to move prices, and from a technical perspective, Cardano seems to be mirroring its previous bullish cycle. If this pattern holds true, ADA could target $6!”
Martinez also notes that one “key area” of support that ADA needs to hold to maintain its bullish thesis is $0.80. At that price point, 48,000 addresses bought nearly 1.20 billion ADA.
ADA is trading at $1.06 at time of writing. The ninth-ranked crypto asset by market cap is up more than 24% in the past 24 hours, more than 48% in the past seven days and nearly 200% in the past month.
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