Ali Martinez, a technical and on-chain analyst, has recently shared a thread on X highlighting Cardano’s nearly 200% surge in the last three weeks. However, he remarked that this is nothing compared to what is coming. Amidst a broader market optimism and altcoins gaining momentum, Cardano looks all poised to rally to new highs.
Cardano Mirroring Previous Bullish Cycle
The analyst notes that whales and institutional players have been positioning themselves for what is coming. Strikingly, the volume of large Cardano transactions on the network has surpassed $22 billion per day. He notes that those large transactions appear to be related to high accumulation levels. Whales holding from $1 million to over $10 million in ADA have increased their positions by more than 100% in the past month.
The analyst points out that the high buying pressure is starting to move prices, and from a technical perspective, Cardano seems to be mirroring its previous bullish cycle. If this pattern holds true, he remarked that ADA could target $6. He notes that a key area of support to watch for the bullish thesis to hold is at $0.80, where 48,000 addresses bought nearly 1.20 billion ADA. It is currently trading at $0.9686, up over 20% in the last 24 hours.
DOGE Jumps 5%
While Bitcoin is fast approaching the long-anticipated $100,000 per coin mark, various altcoins are on the rise including Dogecoin. It hit $0.4126 early Friday afternoon, the highest mark seen in over a week. It is currently trading at $0.4092, up over 6% in the last 24 hours.
DOGE jumped 5%, returning to multi-year highs hit earlier this month following speculations around X’s long-anticipated payments service. Notably, Musk posted a screenshot of podcaster Joe Rogan’s X profile, which included a dollar icon different from the app’s tipping service. An X user speculated that it might be for sending money as part of X Payments.
XRP Leads the Pack
XRP is at the top of the bunch as its price soared from the news that Gary Gensler will officially resign in January. XRP is currently trading at $1.45, up over 23% in the past day.
Source: https://coinpedia.org/news/analyst-highlights-cardanos-200-surge-in-recent-weeks-ada-to-reach-unimaginable-heights/