Key Highlights
- Cardano price has surged in the last 48 hours, boosting market experts’ optimism.
- Cardano Crypto’s network activity has grown. Furthermore, active addresses are up 11.99%, while new wallet addresses are up 4.79% in the last week.
- Whales have accumulated 180 million ADA tokens recently, indicating strong investor interest and potential for a price rally.
Cardano (ADA) price has seen notable fluctuations, ranging from $0.60 to $1.32 since the 2024 elections began. Despite continuous market volatility, ADA crypto has repeatedly maintained above a crucial high-volume support level on the daily chart.
The crypto industry has exhibited minor stability in the previous 24 to 48 hours, with Cardano following suit. The price has stabilized around the same high-volume support level, demonstrating resilience.
Over the past two days, Cardano price has surged nearly 20% from this support block. It holds 11% of those gains at press time, trading at $0.7175.
Following this revival, market experts are more hopeful about Cardano crypto. Some have set ambitious targets of $10.
This optimism isn’t limited to analysts; on-chain activity is also rising. Recent data indicated that the token’s network activity has improved. Moving ahead, another analyst pointed out that whales have accumulated during price dips.
Analyst Said Cardano Price Has Potential For $10
An analyst, Dan Gambardello, recently identified a parabolic trend in the Cardano price movements. He suggested a potential path toward the $10 price level. His chart features an upward-curving dotted line that indicates trends supporting this bullish outlook.
Per his analysis, the ADA price has approached and bounced off a significant moving average per the shared chart. This has reinforced the positive trend for Cardano price action. Gambardello also noted that the RSI was between 50 and 60, indicating strong buying pressure.
In addition, another analyst, CryptoELITES, has pointed out a Cup and Handle pattern in the token’s price movements. This could further signal a breakout above key resistance levels.
According to CryptoELITES, the ****critical breakout resistance of Cardano crypto was at $3.23. A successful breakout above this level could propel the price toward $6.45, based on Fibonacci extensions.
If bullish momentum persists, ADA price could reach $9.33, following the 1.414 Fibonacci extension level.
Interestingly, these targets align closely, with Gambardello aiming for $10 and CryptoELITES targeting $9.33.
Optimistic Onchain Data Boosts The Probability Of Cardano Price To Rally
Moreover, Cardano’s network activity has experienced a notable surge, indicating heightened user engagement. The number of active addresses has risen by 11.99%, reflecting increased participation on the blockchain.
Also, new wallet addresses have grown by 4.79% over the past week, further demonstrating this trend.
Interestingly, the data also showed that the zero-balance addresses have increased by 12.26%. Moving ahead, this suggested that new investors have entered the market.
Historically, such network activity spikes have positively correlated with price trends. This highlighted the growing bullish sentiment in the Cardano ecosystem.
Similarly, the on-chain data reveals that Cardano whales purchased 180 million ADA tokens last week. Furthermore, it raised the total staking amount to 6 billion ADA for wallets holding between 1 million and 10 million tokens.
This accumulation by large investors typically signals increased interest and could lead to a potential price rise.
Crypto analyst Ali Martinez pointed out that these large investors are strategically boosting their holdings. If bearish pressure continues, this buying activity could stabilize prices. This could also set the stage for a rally in Cardano price.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.