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Home»ALTCOIN NEWS»Cardano is poised to continue surging as whales and institutions accumulate ADA, cryptocurrency analysts say.
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Cardano is poised to continue surging as whales and institutions accumulate ADA, cryptocurrency analysts say.

By Crypto FlexsNovember 24, 20242 Mins Read
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Cardano is poised to continue surging as whales and institutions accumulate ADA, cryptocurrency analysts say.
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Layer 1 blockchain Cardano (ADA) is poised to continue its long-awaited price surge, according to a prominent cryptocurrency analyst.

Digital asset trader Ali Martinez told his 87,300 followers on social media platform

“Large Cardano ADA transaction volume on the network exceeds $22 billion per day. These large transactions appear to be associated with high levels of accumulation. In fact, the positions of whales holding between $1 million and $10 million or more in ADA have increased by more than 100% in the past month.

The price has started to move due to high buying pressure and from a technical perspective, Cardano appears to be mirroring previous bull cycles. If this pattern holds true, ADA could target $6!”

Source: Ali Martinez/X

Martinez also points out that $0.80 is one of the “key areas” of support that the ADA must maintain to maintain its bullish case. At that price point, 48,000 addresses purchased nearly 1.2 billion ADA.

video
Source: Ali Martinez/X

ADA is trading at $1.06 at the time of this writing. The ninth-largest cryptocurrency asset by market capitalization is up more than 24% in the last 24 hours, more than 48% in the last seven days, and nearly 200% in the past month.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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