Is $10 Within Reach For Cardano? Whale Moves Signal Rally
Cardano (ADA) has achieved an important milestone: Breaking through the $1 marka level that appears unattainable for much of 2023.
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The cryptocurrency’s recent price surge has caught the attention of analysts and investors as it has been unable to overcome this psychological level for years.
Although the coin has experienced some price consolidation recently, analysts expect this to be just the beginning of a larger rise.
Cardano: Consolidation Phase
ADA’s momentum waned after crossing the $1 threshold and has been hovering below that mark. Cardano has entered a phase of consolidation in the $0.99 to $1.00 range, contrary to the expectations of many investors who expected the rally to continue.
While this appears to be a temporary setback, analyst Dan Gambardello sees it differently. He sees this consolidation as a positive indicator of reallocation and a prerequisite for ADA to continue its upward trajectory.
After years of bear markets, many people did not expect $ADA will reach $1 again.
Many holders have been waiting to sell at $1.
Now that we’ve hit $1, it’s great to see consolidation and reallocation.
After this phase is over, Cardano can focus on $5 and $10.
— Dan Gambardello (@cryptorecruitr) November 27, 2024
Gambardello predicts that after this segment ends, Cardano may pursue higher price points, possibly reaching the $5 to $10 price range.
Increased whale activity
The increase in whale activity during Cardano’s latest performance is one of the most fascinating features. The number of ADA whales has increased rapidly over the past few weeks, especially after the token broke above $1.
Millionaires reportedly own more than 130 million ADA tokens, with more than 3.2 billion of them. This accumulation is seen as a strong vote for the coin, which will keep the price high. Despite profit-taking, ADA adoption maintains positive optimism.
Whale’s appetite increases
As Bitcoin approaches $100,000, attention is turning to other cryptocurrencies such as Cardano. ADA’s market capitalization has increased by more than 30% in the past week, reaching an impressive $35 billion.
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because Increased whale activity As well as the possibility of a good regulatory environment, investors are very optimistic about Cardano’s future. Excitement has also been fueled by rumors surrounding Cardano’s founder and a possible partnership with incoming U.S. President Donald Trump.
Although these factors are still considered speculative, they add to the growing belief that Cardano may achieve new price milestones in the near future.
Cardano’s recent performance has once again proven its competitiveness. ADA may soon reach new heights thanks to expanding market sentiment and strong whale support. A price range of $5 to $10 seems like an ambitious target; however, it is feasible now with the right catalysts.
Featured image by Christopher Swann/Minden Pictures, chart by TradingView
