Cardano Surges 55% to Hit $1.09: Analysts Predict $6–$15 Potential

Cardano (ADA) has surged to $1.09, marking its highest price since April 2022 and a staggering 55% increase in just 24 hours.

This breakout follows a broader crypto rally and reflects significant bullish momentum, with trading volume spiking 150% to $6.7 billion.

On-chain metrics indicate growing confidence, as ADA’s open interest has climbed 34% to $972 million, signaling robust participation from institutional and retail traders alike.

Analysts remain optimistic about ADA’s future, pointing to the token’s bullish on-chain activity and historical patterns that suggest further upside.

Notably, whales holding between $1 million and $10 million in ADA have doubled their holdings over the past month, driving daily transactions above $22 billion.

Bullish On-Chain Data Supports ADA Momentum

Whale Accumulation and Market Cap Growth

Recent on-chain data highlights whale accumulation as a key driver of ADA’s rally. Over the past three weeks, large holders have accumulated ADA aggressively, pushing the token’s market cap to triple in just 17 days. With $165 million in realized profits recorded in a single day—the highest in eight months—Cardano is enjoying a wave of bullish sentiment.

Other metrics further underline this positive outlook:

• Social Media Engagement: Discussions about Cardano have hit an 11-month high, reflecting growing community interest.
• Liquidations: Short liquidations totaled $9.77 million in the past 24 hours, forcing bears to close positions and further fueling the rally.

Analysts Predict ADA Targets of $6 to $15

Gambardello echoes this sentiment, projecting long-term targets as high as $15 based on ADA’s historical performance and growing adoption.

Key price levels to watch include:

• Immediate Resistance: $1.14 (1.618 Fibonacci extension)
• Next Targets: $1.344 and $1.489 (2.0 and 2.272 Fibonacci levels)
• Support Levels: $1.024, $0.906, and $0.810

Despite the strong momentum, caution is warranted. The Relative Strength Index (RSI) currently sits at 82.79, indicating overbought conditions. This could lead to short-term consolidation or a minor pullback before ADA continues its upward trajectory.

Conclusion: Is Cardano Just Getting Started?

Cardano’s surge above $1.00 signals a renewed phase of bullish momentum, driven by whale accumulation, rising trading activity, and strong on-chain metrics. While the $1.14 resistance level poses a challenge, breaking above it could propel ADA toward targets of $1.344, $1.489, and beyond.

Analysts remain confident in ADA’s long-term potential, with predictions ranging from $6 to $15 as the market continues to rally. However, investors should remain vigilant for potential corrections given the current overbought conditions.

For now, Cardano appears well-positioned to capitalize on its upward momentum, marking an exciting chapter for the token.