Cardano’s ADA Price Jumps 60% in 30 Days, Targets $1 Mark
Cardano’s ADA token has shown a remarkable upward trend, currently priced at around $0.92 after recovering from a low of $0.55 in July, experiencing a 60% surge within a month. Analysts are growing more confident that the next significant milestone for ADA, hitting $1, is imminent.
An esteemed crypto analyst, Ali, has expressed his positive outlook, indicating that reaching $1 for Cardano’s ADA is not a matter of if, but when. This optimism is supported by key technical advancements. ADA recently broke out of a descending parallel channel that had limited its price movement since May and has closed multiple daily candles above crucial resistance levels, indicating the beginning of a bullish trend reversal.
Additional backing for this optimistic scenario comes from the emergence of a rounding-bottom pattern, a strong signal for a reversal in trends. ADA has also managed to reclaim the 200-day simple moving average and is currently testing the important resistance zone ranging from $0.85 to $0.90. A confirmed breakthrough beyond this range is likely to pave the way toward $1 and potentially higher levels.
On-chain activity has notably increased, particularly among significant investors, as indicated by a surge in whale transactions, with over 137 transfers exceeding $1 million in recent days. This surge in activity indicates renewed confidence among large holders, which is often seen as a precursor to future price appreciation.
A significant macro driver of optimism is the increasing likelihood of approval for a spot ADA ETF. Current market indicators suggest an 84% chance of approval, a development that could unlock institutional funds and greatly boost ADA’s price action. Analysts caution that hitting the $1 target might lead to short-term profit-taking, but the current market structure suggests that persistent buying pressure, especially above $0.90, could negate any substantial pullbacks. Achieving a daily close above this crucial level would make the path to $1 even more apparent.
While some analysts predict a brief retracement to $0.47 before the next major uptrend, the consensus overwhelmingly points to $1 as the next realistic goal. However, more optimistic projections see long-term price estimates ranging from $1.30 to $12, depending on broader market conditions. Yet, the most immediate and feasible milestone remains $1. With improving technical indicators, surging on-chain metrics, and potential ETF catalysts, the foundation seems solid.
As rightly pointed out by Ali, the question is no longer if ADA will reach $1, but simply when it will happen. With momentum gaining momentum across all fronts, the expected time for this milestone might be sooner than anticipated.
