The layer-1 blockchain Cardano (ADA) is poised to continue its long-awaited price rise, according to a popular crypto analyst.
The digital asset trader Ali Martinez tells According to its 87,300 followers on social media platform
“The volume of large Cardano ADA transactions on the network has exceeded $22 billion per day. These large transactions appear to be associated with high levels of accumulation. Whales holding between $1 million and over $10 million in ADA have increased their positions by more than 100% in the past month.
The high buying pressure is starting to impact prices, and from a technical perspective, Cardano seems to be mirroring its previous bullish cycle. If this pattern is true, ADA could target $6!”
Martinez too notes That one “key area” of support that ADA needs to hold to maintain its bullish thesis is $0.80. At that price, 48,000 addresses purchased almost 1.20 billion ADA.
ADA is trading at $1.06 at the time of writing. The ninth-ranked crypto asset by market capitalization is up more than 24% in the past 24 hours, more than 48% in the past seven days and almost 200% in the past month.
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Generated image: Midjourney