The 56% rise in the price of Cardano (CRYPTO:ADA) over the past week has been buoyed by bullish sentiment, community-driven developments, and speculation about high-profile partnerships.
| Cryptocurrency | Price | Market capitalization | 24 hour trend | 7 day trend |
| Cardano (CRYPTO:ADA) | $0.835 | $28.9 billion | +13.8% | +55.9% |
| Bitcoin (CRYPTO:BTC) | $94,450 | 1.85 trillion dollars | +2.9% | +7.6% |
| XRP (CRYPTO:XRP) | $1.13 | 64.3 billion | +2.9% | +67.7% |
What traders say
Cryptocurrency trader Scofield highlighted ADA’s impressive momentum, describing the Altcoin as “fiery.”
$ADA on fire pic.twitter.com/HH7i4nGdUB
— Scofield (@Crypto_Scofield) November 20, 2024
Cryptocurrency chart analyst Ali Martinez noted that ADA is up 140% since October, with a price target of $6.
I don’t understand the hate towards #Cardano $ADA. You don’t have to marry the coin, just trade it! Up 140% since this post, see you at $6. https://t.co/J29N1jWXxt
— Ali (@ali_charts) November 20, 2024
CryptosRus reiterated the $6 prediction, suggesting that ADA could reach this target by the end of 2025 if it mirrors its last cycle.
The analysis hinted that the projection could be conservative, especially with rumors of a collaboration between Cardano and DOGE following its alleged partnership with SpaceX.
You can also read: Bitcoin reaches $93,500 after ETF options launch: What does it mean for investors?
Cardano (ADA) Statistics
IntoTheBlock data shows a 13.4% drop in large transactions and a 17% decline in daily active addresses.
High-value transactions ($100,000 or more) fell from 1,304 to 1,114 in a single day.
66% of ADA holders remain in profit, with 6% at breakeven.
Data from Coinglass indicates that ADA long-term liquidations hit their lowest level at $899,230 since November 9.
Ali Martinez cited data from IntoTheBlock to show that Cardano whales have been actively accumulating the coin over the past month. Holders of more than $10 million in ADA increased their positions by 145.7%.
Community News
In a recent surprise Q&A session, Cardano founder Charles Hoskinson hinted at a possible integration with the Ripple ecosystem, emphasizing mutual benefits such as better DeFi components and liquidity layers.
Hoskinson’s visit to SpaceX headquarters has further fueled speculation about a possible collaboration. Although the details remain confidential due to a nondisclosure agreement, Hoskinson promised future updates.
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