Cardano ADA Soars as Whales Fuel Momentum and Bullish Analysts Eye $2.90 Target
Cardano's native token ADA has been on a tear lately, rising to a monthly peak of $0.19 over the weekend and currently trading just below that mark. This sudden revival has drawn attention from market observers who are now projecting further gains.
The accumulation of whales is believed to be the catalyst behind ADA's upswing, with big investors purchasing over 240 million tokens in just five days. Analyst JAVON MARKS notes that ADA's recent performance resembles its 2020-2021 trajectory, which was followed by a massive bull run towards an all-time high.
JAVON MARKS sets a target of $2.90 for ADA, which is currently 1,300% away from its current price. Another analyst, Leon Voss Official, claims that ADA has broken above a long-term descending trendline that had previously acted as resistance.
However, experts caution that the broader crypto market remains in an unfavorable condition, making it possible for bears to regain control and quickly erase gains. The Relative Strength Index (RSI) is also hovering near overbought territory, signaling a potential short-term correction.