Cardano’s cryptocurrency, ADA, has recently re-emerged as a point of interest for digital currency investors. This resurgence in attention follows a remarkable performance that saw the Cardano price exceed the $0.3 mark. Although this price level had been elusive for some time, market bulls finally managed to surpass it. However, the impending market downturn could potentially threaten Cardano’s recent gains. Despite this, some crypto analysts believe that ADA’s performance could mirror that of Solana’s in the past few days.
Cardano’s Bullish Consolidation
In a recent post on TradingView, crypto analyst Alan Santana shared his predictions regarding the Cardano price. Based on ADA’s daily performance, Santana suggested that the cryptocurrency’s bullish consolidation in the previous week significantly contributed to its rising prices. This eventually led to a breakout, with ADA successfully surpassing the $0.3 resistance level. However, compared to Solana’s impressive 80% run, ADA’s achievement seems relatively minor.
Santana also noted that, contrary to expectations, ADA did not experience a retracement following its bullish consolidation. Instead, it continued to rise, gaining momentum and strength that could potentially trigger a price surge. This prediction was validated when ADA surpassed $0.3 and reached as high as $0.31.
Cardano’s Independent Movement
Interestingly, Santana observed that Cardano’s movement is beginning to mirror that of Solana’s, which recently reached a new annual high. Over the past few days, SOL’s price has moved independently of Bitcoin, and ADA appears to be following suit. Despite Bitcoin’s 1.94% decrease in the last day, Cardano has seen a 5% increase during the same period. If this trend continues, ADA may completely break away from Bitcoin’s trend and establish its own path.
Following Solana’s trajectory, such a rally could position ADA towards the $0.4 resistance level. Santana’s chart suggests a potential rise to $0.35 at the peak of the rally, which would represent an 80% price increase from the initial price at the time of analysis. This suggests a rally pattern remarkably similar to Solana’s.
ADA Investors Driving the Rise
Cardano’s recent rise has not gone unnoticed. A recent report from on-chain tracker Santiment suggests that increased activity from ADA whales and addresses could be driving this trend. The report notes a rapid 32% increase in on-chain activity over the last three weeks, reaching a new three-month high. This coincided with a 36% increase in Cardano price over a two-week period, making it one of the top performers during this time.
However, with such a significant price increase, some level of profit-taking is expected, which could lead to a temporary price dip. As long as demand remains high, any setback is likely to be short-lived.
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Start now using our tools for free.Featured image from Bitcoin News, chart from Tradingview.com Tags: ADA, ADA news, ADA price, ADAUSD, ADAUSDT, analyst, Cardano, Cardano news, Cardano price, crypto, crypto analyst, crypto news
