Cardano Hits 2-Year High Of $0.97, Analyst Bullish On $1 Target

Cardano (ADA) has had one of the best performances over the last three weeks, surging over 200% toward a 2.5-year high. Today, the cryptocurrency rose over 20% to break above the $0.90 mark, fueling a bullish sentiment for the long-awaited $1 target.

Cardano Makes New Year-High Above $0.90

On Friday, Cardano broke past the $0.81 resistance and skyrocketed toward the $0.90 mark, making a new year-high of $0.97. This performance represents a 22% surge in the last 24 hours, driving the token to its highest price since late April 2022.

Cardano peaked above the $3.10 mark three years ago but lost its bullish momentum as the crypto market struggled, hitting its lowest price of $0.22 in June 2023. Since dropping 92% below its all-time high (ATH), ADA has been heavily criticized for underperforming the rest of the market.

Nonetheless, the cryptocurrency recovered during Q1 2024 highs, reaching the $0.81 mark before losing 66% of its gains in the next few months. The recent market rally has seen ADA outperform most altcoins in the last three weeks, renewing interest in the cryptocurrency.

According to CoinGlass’ data, Cardano’s open interest (OI) surged by 28.25% in the past 24 hours, hitting $855.5 million today. Additionally, it has jumped over 11% in the past four hours, suggesting increased activity and confidence among crypto traders.

ADA To Hit $1 Soon?

Cardano investors and crypto analysts have recently expressed their bullishness over ADA’s “fire” performance. Crypto analyst Ali Martinez noted that Cardano has surged over 200% this month, fueled by whales and institutional investors.

Per the post, the volume of large ADA transactions on the network had increased by over 297% since the US election, reaching $22 billion on November 19.

Martinez signaled that these large transactions are related to high accumulation levels, as whales holding $1 million to $10 million in ADA increased their positions by over 100% in the last 30 days.

He also highlighted that ADA seems to be mirroring its 2020-2021 price action. As reported by NewsBTC, the analyst has suggested the cryptocurrency is set to experience a 2,000% run toward the $6 mark if it continues to follow its past behavior.

As the price soared past $0.90, Martinez pointed out that the $0.80 resistance, where 48,000 addresses had bought 1.2 billion ADA, was a “key area of support to watch for the bullish thesis to hold.”

Analyst Sebastian highlighted that, after the $0.80 resistance, “there isn’t much resistance until $1.2.” As such, ADA could potentially see “an explosion from here” and target the long-awaited $1 mark over the weekend.

As of this writing, ADA is trading at $0.97, a 46% increase in the last seven days.

ADA, ADAUSDT, Cardano — Cardano’s performance in the weekly chart. Source: ADAUSDT on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

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