- Cardano’s market cap tripled in 17 days, nearing $1.00, with November 22 marking $165M in realized profits, its highest in 8 months.
- Elliott Wave analysis predicts ADA’s potential rally to $15.91 by September 2025, showing a possible 7,000% gain from current levels.
- ADA’s price surge since mid-October aligns with rising social media engagement, boosting investor confidence and market attention.
Cardano’s market capitalization tripled during the past 17 days, suggesting a recent increase. This gain has caused ADA to almost reach a $1.00 market value for the first time since April 2022. Santiment platform reports on X that on November 22, 2024, trader-realized earnings reached their highest level in eight months, totaling over $165 million. Additionally, ADA-related social media conversations increased to their greatest levels in 11 months. This increasing market focus draws attention to ADA’s strong rising trajectory.
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 suggests that ADA is currently in its second bull cycle, with Wave 3 in full motion. iGREY.trading predicts the largest gains within the next six months, likely extending into April and May 2025. However, the analyst notes that the market’s direction will depend on several factors, including global economic shifts and fiscal policies.
Despite these uncertainties, iGREY.trading’s Elliott Wave analysis points to potential future highs for ADA. The analysis forecasts an upward trajectory that could revisit the previous all-time high of $3.10. Additionally, beyond this, ADA could continue its rally toward a target of $15.91 by September 2025. This would represent a massive gain of over 7,000% from current levels.
Source: iGREY.trading
Market Indicators: A Strong Bullish Sentiment
Santiment’s data further confirms the bullish sentiment surrounding Cardano. The growth in realized profits aligns with an increase in trading activity and market attention. ADA’s price trajectory has demonstrated steady growth since mid-October 2024. The coin crossed key resistance levels, signaling stronger investor confidence. Social media volume, another key indicator of market sentiment, also surged, reaching the highest levels since December 2023.
Moreover, Cardano’s market dynamics are supported by healthy liquidity inflows, which contribute to its bullish outlook. ADA’s performance in the current cycle echoes previous growth phases, especially the impressive rally from $0.0179 to $3.10 in 2021. As ADA continues to break key price barriers, it shows promise for sustaining its momentum.
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