Following the announcement of the Securities and Exchange Commission (SEC) reviewing and closing pending cases, the cryptocurrency market is experiencing a significant surge in prices. This news has shifted market sentiment positively, leading to substantial price increases across major cryptocurrencies.
Massive Accumulation of ADA Tokens by Crypto Whales
Today, January 15, 2025, ADA, the native token of the Cardano blockchain, has garnered attention due to whales accumulating a substantial 100 million ADA tokens in the last 48 hours. This bullish trend, combined with the SEC’s plan to release crypto cases not involving fraud, as well as the upcoming inauguration of Trump, has contributed to ADA’s rally.
Current Price Momentum
According to CoinMarketCap data, ADA has witnessed a price surge of over 7.5% in the past 24 hours, currently trading near $1.065. This surge, along with recent developments, has attracted significant trader attention, resulting in a 76% increase in trading volume.
Traders and investors should monitor key levels and anticipate potential future price movements for ADA.
ADA Price Action and Key Levels
ADA has reached a critical trendline resistance level on its daily chart, where price reversals have occurred in the past. While some expect a similar reversal, the prevailing market sentiment suggests otherwise.
ADA Price Prediction
Since December 2024, ADA has displayed an uncertain market sentiment and formed a bullish inverted head and shoulders pattern. It is currently near a resistance level at the neckline. If ADA breaks the trendline and closes above $1.15, it could potentially rise by 40% to reach $1.645 in the future.
With ADA’s Relative Strength Index (RSI) still below overbought levels, there is room for significant upside momentum in the asset.