The overall cryptocurrency market is experiencing massive upside momentum following the Securities and Exchange Commission (SEC) plan to review and close all pending cases. This update has shifted the overall market sentiment, and massive price surges have been witnessed in all major cryptocurrencies.
Amid this bullish outlook, ADA, the native token of the Cardano blockchain, is receiving widespread attention from crypto enthusiasts due to massive accumulation by whales. Today, January 15, 2025, a prominent crypto expert posted on X (formerly Twitter) that crypto whales have accumulated a significant 100 million ADA tokens in the past 48 hours.
However, this massive accumulation, the recent SEC plan to free crypto cases not involved in any fraud, and Trump’s inauguration are responsible for ADA’s rally today.
According to CoinMarketCap data, today, ADA witnessed a price rally of over 7.5% in the past 24 hours and is currently trading near the $1.065 level. This massive price surge and the recent developments during the same period have attracted significant attention from traders, resulting in a 76% jump in trading volume.
Meanwhile, traders and investors need to be aware of the crucial levels and also understand the potential levels that ADA could reach in the future.
According to the altcoin’s daily chart, with the impressive price surge, ADA has reached a crucial trendline resistance level where it has previously witnessed price reversals. Some are expecting a similar price reversal, but looking at the current market sentiment, there is a strong possibility that it won’t happen.
Additionally, since December 2024, the market sentiment has remained uncertain, and during this period, ADA has formed a bullish inverted head and shoulders price action pattern. It is now standing near the neckline, which appears to be a resistance level.
Based on the recent price action, if ADA breaches the trendline and closes a daily candle above the horizontal level of $1.15, there is a strong possibility it could soar by 40% to reach the $1.645 level in the future.
On the positive side, ADA’s Relative Strength Index (RSI) is still below the overbought area, indicating that the asset still has enough room to witness massive upside momentum.
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