The 54% increase in the price of ADA over the past week was bolstered by robust Cardano whale activity and DeFi activity, with analysts expecting more gains.
The Cardano (ADA) price has been outperforming the rest of the crypto market today, achieving over 12% gains and extending the rally to $0.83. This occurs in the context of a spectacular 145% increase in the accumulation of Cardano whales over the past month. ADA has experienced a nearly 54% increase in the past week, making it one of the top-performing altcoins. Investors are anticipating a rally to the critical milestone of $1.0.
Is the price of Cardano (ADA) increasing due to the accumulation of whales?
Ali Martinez, a crypto analyst, identified a substantial increase in the activity and accumulation of Cardano whales. This demonstrates the increasing confidence in Cardano’s native token ADA. The positions of wallets that contain over $10 million in ADA have increased by an impressive 145.72% in the past month, as per Martinez.
Additionally, the Cardano blockchain has experienced a substantial increase in decentralized finance (DeFi) activity on the network. According to DeFiLlama data, Cardano’s Total Value Locked (TVL) has increased to $479.8 million, on the brink of its all-time high, as the blockchain continues to gain momentum.
This expansion is occurring in conjunction with the increasing activity across decentralized exchanges (DEXes), lending platforms, and other protocols within the Cardano ecosystem, as well as the rising price of ADA. The momentum underscores the expanding utility and adoption of Cardano’s DeFi infrastructure.
The ADA price rally has the potential to continue in the future, as evidenced by the bullish Cardano on-chain metrics and the recent surge in DeFi activity.
Is the American Diabetes Association (ADA) preparing for a mega rally to $6?
The price of ADA is approaching an eight-month high, and the blockchain analytics platform Santiment has reported that it is already decoupling from the altcoin pack. The ADA-to-Bitcoin price ratio is also on the brink of an 8-month high, which indicates the cryptocurrency’s increasing strength compared to the predominant cryptocurrency. Santiment observed that the current levels of ADA transaction and whale activity were last observed in June, immediately preceding a 26% increase in the ADA/BTC pair.
The ADA price is currently trading at $0.786 with a market capitalization of $27.54 billion and a daily trading volume of 25% to $2.27 billion as of press time.
Conversely, crypto analyst Ali Martinez observed that the Cardano price is exhibiting patterns that are strikingly similar to those of the 2020 bull run. Earlier in November, he shared a chart that indicated that ADA could be on the brink of a 2000% rally, reaching a new all-time high of $6. Martinez composed the following:
“I believe Cardano is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025”.
Conversely, Charles Hoskinson, the founder of Cardano, is emphasizing their collaboration with XRP. Hoskinson’s technical exchange with Ripple CTO David Schwartz recently captivated the blockchain community’s attention.
The discussion encompassed Midnight, Cardano’s blockchain initiative that prioritizes privacy, and XRP, Ripple’s digital asset, which sparked enthusiasm for future collaborations.