Key Takeaways
- Cardano hits new eight-month high transaction volume as price eyes $1 before the end of 2024.
- Cardano’s whale activities for two weeks catalyze price as it decouples from Bitcoin dominance.
- ADA breaks above weekly resistance, indicating a high chance of Cardano hitting the $1 mark.
Cardano (ADA) has racked an impressive $29B market cap over the past few weeks with the much-sustained rally as the price of ADA broke above its two-year high of $0.8 trading with much bullish price action as there is high speculation of the token hitting $1 before the year 2024 run out.
Cardano’s impressive rally has garnered much attention from whales and investors. It has held strong despite Bitcoin’s range-bound movement in the past weeks. Onchain data also suggest increased whale activities, leading to Cardano’s (ADA) present surge in price.
Will ADA rally past its previous all-time high of $3.1 and possibly $5? With Cardano’s current price action, many crypto analysts have revealed ADA’s price prediction for 2025. Let us discuss key metrics that could contribute to ADA rally to a high of $5.
Cardano’s (ADA) Whale Activities
Source – Cardano’s Onchain Whale activities from Santiment
Cardano has decoupled itself from the rest of the altcoins after it started an impressive price rally in the past seven weeks. This led to an increase in activity on its network, such as the accumulation of over 8,900 whale activities in transactions for two straight weeks, setting a new record for a six-month high.
The recent price rally has also resulted in more than $52.2 billion worth of ada transaction volume. Many users and analysts believe this time could be different for Cardano and its crypto enthusiasts, who are hoping for a further price rally above $1 before the end of 2024.
Will ADA Reach $1 or $5 in 2025?
Source – ADA Price Chart From TradingView
Cardano’s whale activity in accumulating ADA tokens in the last few weeks has been a big catalyst in the current price rally. A large volume of whale activities broke a major price resistance of $0.5, which has prevented the price of ADA from a major rally for months now.
A break above Cardano’s key resistance of $0.5 has given rise to over 120% price rise in the last two weeks as speculation on ADA’s price prediction begins to surface before the end of 2024.
Cardano currently trades above $0.8, breaking above the key weekly resistance. If we close above the weekly resistance of $0.8, we could see the price of ADA headed to $1.2 before the year runs out. Cardano’s previous all-time high was $3.1. There are high chances of ADA trading above its all-time high and then $5 as its current price rally is at its early stage of the bull market.
With an expected altcoin season on the horizon, we can never prevent the ADA price from rallying to a high of $5. Always carry out extra due diligence before investing in crypto altcoins, as they are highly volatile.
