- ADA hit $0.40 this week, its highest price since April, before pulling back slightly. ADA’s current consolidation pattern looks very similar to 2018-2020, preceding a major bull run.
- Investor sentiment remains bullish – 38% of ADA holders were in profit on November 11th, and whale activity on the Cardano network has hit 6-month highs.
- On-chain metrics like total addresses, transaction counts, and total value locked point to ongoing growth for Cardano. If momentum continues, additional gains are expected.
Cardano‘s native token ADA has experienced significant growth recently, fueled by optimism among crypto investors. The cryptocurrency briefly touched $0.40 this week, its highest price level since April. This upward momentum closely resembles ADA’s price action between 2018-2020, suggesting further gains may be ahead.
Recent Price Action
ADA has posted remarkable monthly gains, exceeding 55% in November. The cryptocurrency reached $0.40 this week for the first time in 7 months before pulling back slightly. According to analyst Ali Martinez, ADA’s current consolidation pattern looks very similar to 2018-2020, excluding the COVID crash. If this trend continues, ADA could break past resistance at $0.45 in early December. Martinez predicts ADA may reach $0.75 by end of December if momentum persists.
Data from on-chain analytics firm IntoTheBlock shows that around 38% of ADA holders were in profit on November 11. This percentage decreased slightly to 34% two days later, suggesting the latest price surge has put more investors in the green. Earlier, Martinez forecasted that ADA could hit approximately $1.10 next summer if upward momentum continues.
According to Santiment, whale entities have been extremely active on the Cardano network, reaching 6-month high levels. Increased whale activity typically indicates bullish sentiment.
Several on-chain metrics also point to ongoing growth for Cardano. The network’s total addresses holding ADA is hovering near its all-time high of 446 million. Active addresses also saw a minor uptick. Daily transaction counts have steadily remained above 50k, while volume has held above $7 billion. Additionally, Cardano’s total value locked recently hit $2.59 billion, a nearly 400% increase YTD.
- After reaching $0.40, ADA pulls back but retains most monthly gains
- Current consolidation pattern mirrors 2018-2020 trend preceding major bull run
- Additional gains expected if momentum continues
- On-chain data and whale activity remain bullish