Cardano (ADA) has recently captured the attention of crypto enthusiasts with its remarkable run, surpassing the elusive $0.3 mark. Analysts and investors are closely monitoring ADA’s movements, with some drawing parallels to Solana’s impressive 80% surge.
ADA’s Impressive Bullish Momentum
Crypto analyst Alan Santana, in a detailed TradingView post, highlighted ADA bullish consolidation, a key factor propelling its upward trajectory. Contrary to expectations, ADA continued its ascent, surpassing the $0.3 resistance level. Santana emphasized the significance of ADA’s consolidation, enabling the cryptocurrency to gather strength and momentum, akin to Solana’s previous surge. As ADA demonstrates a decoupling from Bitcoin’s trend, investors speculate on the possibility of ADA reaching the $0.4 resistance mark. Santana’s analysis suggests a potential 80% rise, indicating a rally pattern reminiscent of Solana’s recent performance.
Read more: Can Cardano’s ADA Hit $24 in Current Bullish Cycle?
Cardano’s On-Chain Activity Fuels ADA’s Surge
Recent data from on-chain tracker Santiment sheds light on the driving force behind ADA’s surge. Whales and address activity related to ADA increased significantly, reaching a new three-month high of 32% in the last three weeks. This surge in on-chain activity correlates with ADA’s remarkable price rise of 36% over a two-week period, positioning it as one of the top-performing cryptocurrencies. While profit-taking might lead to temporary setbacks, the sustained demand for ADA is expected to mitigate any significant price dips.
Read more: Cardano vs Solana (2023): Is Cardano or Solana better?
Conclusion
Cardano’s recent bullish momentum and on-chain activity have positioned it as a cryptocurrency to watch in the coming weeks. Analysts, inspired by Solana’s previous surge, are optimistic about ADA’s potential to replicate a similar pattern, leading to an 80% price increase. As Cardano continues to decouple from Bitcoin’s trend and on-chain activity remains robust, investors eagerly anticipate ADA’s journey toward the $0.4 resistance mark. While short-term fluctuations are expected, the overall outlook for Cardano remains positive, making it a prominent contender in the ever-changing crypto landscape.
