Cardano (ADA) Rallies 56% in a Week Amid Bullish Sentiment and Speculation of High-Profile Partnerships

Crypto trader Scofield highlighted ADA's impressive momentum, describing the altcoin as “on fire.”

Cardano (CRYPTO: ADA) price has surged 56% over the last seven days amid bullish sentiment, community-driven developments, and speculation regarding high-profile partnerships.

Here’s a look at what happened and a roundup of some trader notes:

Why It Happened: ADA’s strong momentum was highlighted by crypto trader Scofield, who described the altcoin as “on fire.”

The coin’s impressive price action has traders keeping a close eye on ADA, with some speculating on its potential to continue rallying.

Chart analyst Ali Martinez noted ADA’s 140% rise since October, setting 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.

CryptosRus echoed the $6 price prediction, suggesting ADA could hit this target by late 2024 if it mirrors its last cycle, adding that the projection could be conservative, especially with rumors of a collaboration between Cardano and D.O.G.E following its speculated SpaceX partnership.

IntoTheBlock data showed a 13.4% decline in large transactions and a 17% drop in daily active addresses.

High-value transactions ($100,000+) fell from 1,304 to 1,114 in a single day.

66% of ADA holders are in the green, with 6% at breakeven, according to IntoTheBlock.

Coinglass data showed ADA longs hit their lowest at $899,230 in liquidations since Nov. 9.

Chart analyst Ali Martinez used IntoTheBlock data to show Cardano whales have been actively accumulating the coin over the last month. Holders of more than $10 million ADA increased their positions by 145.7%.

Community Asks Me Anything Session: During a recent Surprise Ask Me Anything session, Cardano founder Charles Hoskinson hinted at a possible integration with Ripple’s ecosystem, highlighting the mutual benefits such as enhancing DeFi components and liquidity layers.

Hoskinson’s visit to SpaceX headquarters also sparked rumors of a potential collaboration between the parties.

While details of the meeting were kept confidential due to a non-disclosure agreement, Hoskinson teased fans with promises of future updates.

See More: Best Cryptocurrency Charting Tools

ADA’s impressive performance comes against a backdrop of broader gains in the cryptocurrency market. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both posted gains.

However, both coins faced resistance at key levels, which could limit further gains in the short term.

Despite this, the overall sentiment in the crypto market remained bullish, which could bode well for ADA and other altcoins in the coming weeks.

At the time of writing, ADA was trading up 1.31% at $2.69. Continue Reading