In the last 15 days, Cardano 
$0.822835 (ADA) has gained 144%, currently trading at $0.793. This impressive rise has made ADA a focal point for traders. Investors are closely monitoring whether ADA can break through the critical $0.80 level and move towards $1.
Major Investors Increase ADA Holdings
It appears that major investors are increasing their holdings in ADA. According to blockchain analysis firm IntoTheBlock, wallets holding over $10 million in ADA have raised their assets by 134.09%. Experts note that such large purchases support the rise in ADA’s price, indicating that the behavior of large investors strengthens market confidence in Cardano.
Additionally, social media is playing a role in supporting ADA’s upward trend. Data from Santiment shows that on November 16, Cardano rose to second place in social trend rankings. Positive comments about ADA on social platforms are further enhancing investor sentiment, highlighting the influence of social interactions on price movements.
Technical Analysis: Is a $1 Target Possible?
Technical analyses suggest that ADA’s current price is at a critical juncture. If it surpasses the $0.80 resistance, the price could reach $0.89 and then $0.9871. However, if this resistance is not exceeded, ADA’s price may drop to $0.71, with Fibonacci retracement tools confirming these levels as significant support and resistance points.
The optimistic market atmosphere also supports Cardano. Data from Coinglass indicates that long positions for ADA on major exchanges like Binance, OKX, and Bybit have reached three times the level of short positions. Experts suggest this indicates that investors expect further price increases for ADA.
Cardano is demonstrating strong performance not only through price increases but also via social and technical indicators. The purchasing activity of major investors and positive market sentiment enhance ADA’s potential to approach $1. However, investors should remain cautious of possible fluctuations.
