Cardano’s 200% Surge: Is $6 the Next Target for ADA? Analyst Insights

Cardano has been on a great run, surging nearly 200% in just three weeks, but according to renowned analyst Ali Martinez, this might only be the beginning.

In a detailed thread shared on X (formerly Twitter), Martinez hinted that the real action is yet to come. With altcoins gaining momentum and the broader market turning optimistic, Cardano appears set to break new records.

Could ADA be gearing up for a historic rally? Let’s dive in.

Whales and Institutions Drive Cardano’s Growth

Martinez revealed that institutional investors and whales have been strategically accumulating ADA in anticipation of a major move. Large Cardano transactions on the network now exceed $22 billion daily, signaling heightened accumulation activity. Notably, whales holding between $1 million and $10 million in ADA have doubled their holdings in the past month.

This surge in buying pressure is already influencing prices. According to Martinez, Cardano’s current price movement mirrors patterns from its previous bullish cycle. If this trend continues, ADA could potentially hit $6.

Critical Support Levels

For Cardano’s bullish momentum to remain intact, Martinez identified $0.80 as a crucial support level. At this price, 48,000 addresses collectively purchased 1.20 billion ADA. As of now, ADA is trading at $0.9686, reflecting a 20% gain in the last 24 hours.

DOGE Jumps 5%

While Bitcoin inches closer to the much-anticipated $100,000 milestone, altcoins like Dogecoin and XRP are also showing significant gains.

Dogecoin surged to $0.4126 on Friday afternoon, its highest level in over a week, before settling at $0.4092, still up 6% in the past 24 hours. The 5% jump came amid fresh speculation surrounding X’s rumored payment service. Elon Musk recently posted a screenshot of Joe Rogan’s X profile, which included a dollar icon that sparked discussions about X Payments possibly allowing users to send money.

XRP Leads the Pack

XRP took center stage, surging to $1.45 after news broke of SEC Chair Gary Gensler’s planned resignation in January. The token has gained more than 23% in the last day, fueling hopes for a friendlier regulatory climate.

What Lies Ahead?

As whales increase their holdings in Cardano, Dogecoin benefits from speculation, and XRP climbs on regulatory developments, the crypto market appears to be heating up. Investors are now watching closely to see if this momentum marks the start of a broader bull run across the market.