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Cardano (ADA) has achieved a significant milestone by breaking past the $1 barrier, a level that appeared unattainable for the majority of 2023.
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The cryptocurrency’s recent price surge has captivated the attention of both analysts and investors, as it has been unable to overcome this psychological level for years.
Although the token has recently experienced some price consolidation, analysts anticipate that this is merely the commencement of a much more substantial rally.
Cardano: Consolidation Phase
ADA’s momentum weakened after it crossed the $1 threshold, and it has been hovering just below this mark. Cardano has entered a phase of consolidation around the $0.99 to $1.00 range, contrary to the expectations of many investors who anticipated that the rally would persist.
While this may appear to be a temporary setback, analyst Dan Gambardello has a different perspective. He perceives this consolidation as a positive indicator of redistribution, a prerequisite for the ADA to continue its upward trajectory.
For years through the bear market, many didn’t think $ADA would ever hit $1 again.
Many holders have been waiting to sell at $1.
Now that we’ve reached $1, it’s great to see a consolidation and redistribution.
After this phase is over, Cardano can focus on $5 and $10.
— Dan Gambardello (@cryptorecruitr) November 27, 2024
Gambardello anticipates that Cardano may pursue significantly higher price points after this segment concludes, potentially achieving a range of $5 to $10.
Increase In Whale Activities
The increase in whale activity during Cardano’s latest performance is among the most fascinating features. ADA whales have been rapidly rising their numbers over the last few weeks, particularly following the token’s $1 breakthrough.
According to reports, over 130 million ADA tokens are owned by millionaires, and that exceeds over 3.2 billion. Such accumulation is taken as a strong vote for the token, which would keep the price going high. Despite profit-taking, the ADA adoption has kept its positive optimism.
Whale Appetite Up
As Bitcoin approaches $100,000, there is a transition in focus to other cryptocurrencies, such as Cardano. The market capitalization of ADA has increased by more than 30% in the past week, reaching an impressive $35 billion.
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Because of the rise in whale activity and the possibility of a good regulatory environment, investors are very optimistic about Cardano’s future. The level of excitement has also been raised by rumors about Cardano’s founder and possible partnerships with incoming US President Donald Trump.
Although these factors are still considered speculative, they contribute to the increasing conviction that Cardano may achieve new price milestones in the near future.
Cardano’s most recent performance has demonstrated that it is once again competitive. ADA may soon achieve new heights due to the expanding market sentiment and robust whale support. The $5 to $10 price range may appear to be an ambitious goal; however, it is now feasible with the appropriate catalysts.
Featured image from Christopher Swann/Minden Pictures, chart from TradingView