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The Crypto Basic 2024-11-23 08:34:39

Cardano Now up 200% in November, but Expert Says This is Nothing Compared to What is Coming

A seasoned market analyst has made an audacious Cardano prediction, insisting that its recent break above the one-dollar mark is nothing compared to what lies ahead. Cardano broke above $1 on Friday as bullish momentum reached astronomical levels. The asset has not slowed down yet, surging further to $1.14 before consolidating at $1.09 at the time of writing.Notably, Cardano is up 25% in the past 24 hours and a staggering 213% from its price 30 days ago. According to analyst Ali Martinez, the preposterous uptick is a glimpse of Cardano’s ultimate bullish target.Something Huge on Cardano’s HorizonMartinez insisted that Cardano is still in the early stages of its targeted explosion. In a Friday X thread , he cited bullish on-chain metrics as his basis for his assertion.First, the analyst pointed to a growing whale and institutional accumulation of Cardano as a sign that something explosive is coming for the asset. Martinez’s analysis shows that the large transaction volume on the Cardano network has surged past $22 billion daily.He further indicated that the impressive daily transactions on Cardano were actually accumulations other than sales or fund relocation. The analyst deduced his claims from the uptick in whales holding between 1 million and 10 million ADA, who have topped by stash by 100% in the past month.Meanwhile, Martinez noted that bullish on-chain activities have started exerting upward pressure on ADA’s price, which is evident in the recent outburst. His commentary further asserts that sustaining these bullish metrics would spur Cardano to mirror its previous bull cycle.The analyst also reiterated his earlier prediction, insisting that Cardan would hit $6 by 2025 . Notably, ADA is now 450% away from this price target and 184% from its all-time high of $3.10.Furthermore, Martinez’s analysis aligns with Cardano bull Dan Gambardello’s assertion that something huge is coming for the “Ethereum killer.” Gambardello hinted that something preposterous is imminent for Cardano, stating that although he cannot figure out what exactly, he believes whales and institutions are loading up the asset for a reason.Cardano Traction Reaches Epic LevelsMeanwhile, Santiment confirmed the growing institutional traction towards Cardano. The market intelligence firm’s recent analysis indicates that ADA’s social presence has surged to multi-month highs.Santiment’s data shows that Cardano had an astronomical social media mention and discussion rate yesterday. Notably, this is its largest social traction in 11 months, specifically since December 8, 2023. Furthermore, Santiment shares that Cardano’s market cap is now three times what it was 17 days ago following the push past $1. Also, realized profits on the Cardano network reached an 8-month high, as traders cashed out $165 million from their ADA stash yesterday.

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