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.
“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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