- ADA’s price rose to $0.76, marking a 7% weekly increase, with signs that the rally may continue.
- Whales bought 240 million ADA last week, potentially reducing supply and driving future price growth.
- Analysts predict ADA could target $1.30 or more, but caution that its rising RSI might signal an upcoming pullback.
Cardano’s native token, ADA, has been showing some solid performance lately. In just the past 24 hours, its price surged to $0.76, marking a 7% jump over the week. It’s looking good, but the signs suggest that this rally might be only the beginning.
So, why the optimism? Well, let’s start with the whales. According to the well-known analyst Ali Martinez, large investors went on a shopping spree last week, grabbing up 240 million ADA. That’s a whopping $180 million worth at current prices.
When whales make moves like this, it often has a ripple effect. Retail investors—smaller players—could see this as a signal to jump in and start pouring fresh capital into the ecosystem. Plus, when whales scoop up such large quantities, it reduces the circulating supply of ADA. If demand keeps up (or rises), we could be looking at a price surge.
This isn’t the first time whales have made big buys. Earlier this month, they snatched up 190 million tokens in just 24 hours. Back then, ADA’s price was around $0.72—4% less than what it is now. And let’s not forget about November last year. Whales went on a buying spree when ADA was priced at about $0.90, and just days later, the price briefly hit over $1.30.
Now, let’s talk targets. There’s no shortage of analysts out there thinking ADA’s got a lot more room to grow. A crypto analyst known as FOUR | Crypto Spaces is particularly bullish. They’re watching ADA closely, noting that it’s holding strong above the $0.68-$0.70 support level. They predict a potential rally toward $1.30, especially if the token continues to see strong volume.
But, of course, there’s always a catch. If ADA loses that support level, things could take a nasty turn—according to FOUR, that would be the worst-case scenario.
Another analyst, Coin Signals, also weighed in, suggesting that ADA might be gearing up for a breakout after some solid consolidation around its 200-day exponential moving average (EMA). They’ve set a short-term target in the $1-$1.50 range.
However, it’s worth noting that ADA’s Relative Strength Index (RSI) has been creeping up. Currently, it’s just shy of the 70-mark—the point where the asset might be considered overbought. So, traders should be on the lookout for a potential pullback.
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