According to CryptoPotato, Cardano’s native token ADA has risen more than 55% in the past month to $0.40, a rally that could push ADA above an important resistance level in the near future. New data also shows that the current consolidation phase is very similar to an interesting period in the recent past.
Ali Martinez, a well-known crypto analyst, said in a recent tweet that Cardano's current consolidation pattern is very similar to the period from 2018 to 2020, excluding the COVID-19 market crash. In this case, ADA could break through the $0.45 resistance level in early December. If the upward momentum continues, it is possible that ADA could reach $0.75 by the end of December. According to data from IntoTheBlock, on November 11, nearly 38% of ADA holders were in profit, and two days later this figure dropped to about 34%. This suggests that the recent rise in the value of ADA could cause this percentage to rise again. Investors have been rewarded from the upward trend, but Martinez believes that this crypto asset has room for further gains in the coming months. According to his early predictions, it is possible that ADA could reach about $10 by next summer. In addition, according to a recent analysis by Santiment, whale entities have been very active on the Cardano network, reaching a 6-month high.
