While the past week hasn’t been too successful for Bitcoin (BTC), Ethereum (ETH), and other well-known cryptocurrencies, Cardano’s ADA defied the ongoing trend by posting a double-digit price increase.
Market observers have shifted their focus toward it, with some projecting that the rally might be just starting.
The Next Potential Targets
ADA has been among the worst-affected digital assets by the prolonged bear market, and in June its price briefly collapsed under $0.14: the lowest level since 2020. Last weekend, though, brought a sudden and long-awaited resurgence, potentially propelled by the return of the whales who purchased more than 240 million tokens in less than a week.
The uptrend continued, and as of press time, Cardano’s native token trades at around $0.193, representing a 20% increase on a seven-day scale. X user JAVON MARKS recently found similarities between the asset’s latest performance and that of 2020-2021, which was followed by a price explosion, which is why they set a target of $2.90.
Sssebi and CW also weighed in. The former noted that ADA is close to crossing the 20-week Moving Average after being heavily oversold, reminding that historically this type of setup has triggered a “big pump.” The latter noticed that ADA is approaching a major resistance line at $0.2305, which, if broken successfully, could mark the end of its long downtrend.
The Traders are Back
Earlier this week, the analytics platform Santiment revealed that ADA’s rally comes at a moment when the number of non-empty Cardano wallets is actually declining. According to the firm, this suggests the price has recovered while many “sidelined” holders have yet to re-enter the ecosystem.
“Rising price with falling holders can mean stronger buyers are absorbing supply, and retail confidence has not fully followed the move yet,” it added.
In contrast, just a few hours ago Martinez disclosed that trader interest in ADA has increased substantially. He said futures volume has surged by 380% from $150 million to $650 million in a single week, a jump that typically signals a sharp rise in market participation and that could make the asset more volatile in the short term.
Source: CryptoPotato
