- Cardano’s market capitalization tripled in 17 days, approaching $1.00, and realized profits of $165 million on November 22, the highest in 8 months.
- Elliott wave analysis predicts a potential rise in ADA to $15.91 by September 2025, indicating a possible gain of 7000% from current levels.
- The rise in ADA prices since mid-October has been coupled with increased activity on social media, increasing investor confidence and market attention.
Cardano’s market capitalization has tripled in the last 17 days, reflecting its recent growth. With this gain, ADA’s market value nearly reached $1.00 for the first time since April 2022. The Santiment platform reports on X that on November 22, 2024, traders’ realized profits reached their highest level in eight months, amounting to more than $165 million. Additionally, social media conversations related to the ADA rose to their highest level in 11 months. Growing market attention is drawing attention to ADA’s strong growth trajectory.
Source: Centimeent
Elliott Wave Theory Signals Potential Bullish Future
iGREY.trading, an analyst specializing in Elliott Wave Theory (EWT), offers a bullish forecast for Cardano. Their analysis shows that ADA is currently in its second bullish cycle, with wave 3 in full swing. iGREY.trading forecasts the biggest growth over the next six months, which is likely to last until April and May 2025. However, the analyst notes that the direction of the market will depend on several factors, including global economic developments and fiscal policy.
Despite these uncertainties, iGREY.trading’s Elliott wave analysis points to potential future highs for ADA. The analysis predicts an upward trajectory that could return to the previous all-time high of $3.10. Additionally, on top of this, ADA could continue to rise towards the $15.91 target by September 2025. This would represent a huge increase of over 7000% from current levels.
Source: iGREY.trading
Market indicators: strong bullish sentiment
Santiment data once again confirms the bullish sentiment around Cardano. The increase in realized profits is consistent with increased trading activity and market attention. The price trajectory of ADA has shown a steady increase since mid-October 2024. The coin has broken through key resistance levels, signaling stronger investor confidence. Social media volume, another key indicator of market sentiment, also rose, reaching its highest level since December 2023.
Moreover, Cardano’s market momentum is supported by a healthy influx of liquidity, which contributes to his bullish outlook. ADA’s performance in the current cycle follows previous phases of growth, with a particularly impressive rise from $0.0179 to $3.10 in 2021. As ADA continues to overcome key price barriers, it promises to maintain its momentum.
