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Cardano ADA price is in its fifth week of consecutive gains for the first time this year, tempting crypto bulls to swoop in amid a potential surge. New whale data shows that these whales have bought Cardano tokens worth $276 million. This trend may continue as the altcoin season accelerates into the new year. Another analyst recently noted that crypto whales bought 100 million ADA tokens in the last 24 hours. Could this recent whale boom send ADA flying upwards by as much as 165% to a new ATH?
Cardano ADA price has rallied in the past five weeks, reaching a high of $1.3230, its highest level since January 2022. At its highest point this December, the coin was up by 450% from its lowest level in 2023. With this surge, whales are taking part in trading activity, swooping up the token and pumping trading volume. ADA’s volume over the last 24 hours now sits at $2.87B.
Weekly charts show that ADA has found some resistance at $1.3230, which coincides with a 38.2% retracement level. These technicals suggest that Cardano’s price may waver, or even have a slight pullback before continuing its surge. Most likely, Cardano will slightly drop and retest the psychological level at $1, before resuming its uptrend.
With ADA up 244% in the past month, it is very possible that by 2025, following a retest, the asset will surge another 165%. Multiple factors outside of Cardano’s network are also playing a part in the asset’s surge. With the appointment of Paul Atkins as the new SEC chair, the market’s overall momentum improved drastically. The development helped Bitcoin scale past the $100K, helping other altcoins like Cardano to take the lead ahead.
According to CoinCodex, ADA may surge to sit at $1.36 by the end of December.
“According to our current Cardano price prediction, the price of Cardano is predicted to rise by 14.85% and reach $ 1.362328 by January 5, 2025. Per our technical indicators, the current sentiment is bullish while the Fear & Greed Index is showing 72 (Greed). Cardano recorded 23/30 (77%) green days with 31.90% price volatility over the last 30 days. Based on the Cardano forecast, it’s now a good time to buy Cardano.“
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