Cardano (ADA) performed well today rising by more than 12%, with its price reaching a daily high of $0.83. This increase comes along with a big 145% jump in whale activity over the past month.
ADA has also gained almost 54% in the last week, making it one of the top-performing altcoins. Investors are now looking forward to ADA possibly reaching the important price of $1. Crypto expert Ali Martinez has predicted that ADA might even reach $6 in this market cycle.
The rise in Cardano’s price is mainly due to an increase in the number of whales buying ADA. Wallets holding over $10 million in ADA have increased their holdings by 145.72% in just one month. Martinez pointed out that this big increase in whale accumulation is helping push the price of ADA higher. As of November 18, whales now hold $12.11 billion worth of ADA.
Cardano is also seeing growth in its decentralized finance (DeFi) space. According to Defillama, the Total Value Locked (TVL) in Cardano’s DeFi projects has risen to $479.8 million, getting close to its highest level ever.
In addition to whale activity and DeFi growth, Cardano’s market activity is also strong. Data from the platform Santiment shows that ADA is moving away from the rest of the altcoin market, becoming stronger compared to Bitcoin. Santiment also reported that the ADA/BTC pair saw a 26% price jump last time similar activity occurred in June.
Martinez also pointed out that the number of large transactions in ADA has increased by 297% in the last two weeks. Large transactions reached a total of $22.56 billion, showing that big investors are becoming more active in Cardano.
Martinez believes that Cardano’s price could follow a pattern similar to the 2020 bull run, with ADA potentially rising by 2000% and reaching $6. He has shared charts showing this possible price movement, with a market peak expected by 2025.
At the moment, ADA is trading at $0.8003, with a market cap of $28 billion. Its trading volume has also increased by 163%% to $23.78 billion, according to CoinMarketCap.
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