Cardano price patterns mirrors 2020 rally, eyes $6 surge as whale accumulation soars

Source Cryptopolitan

Cardano’s price is currently following similar patterns as its 2020 bullish rally, hinting at a potential spike to $6. Moreover, Cardano’s whale token accumulation is on the rise, jumping by over 47% in more than two years.

Cardano holders have already augmented their holdings to over 2.94 billion ADA.

Analyst Ali Martinez projects Cardano could reach $6 as early as September 2025

According to Ali Martinez, an on-chain crypto analyst, Cardano’s current price trajectory looks increasingly similar to its 2020 price formation, signaling an impressive price surge for the token. The analyst pointed to the time when Cardano’s price began to rise on November 16, 2020, until August 2021, when it reached an all-time high of $3.

In one of his posts, he remarked:

I believe Cardano (ADA) is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025.

~Ali Martinez

He said all this while presenting a graph of his predictions. 

Cardano price patterns mirrors 2020 rally, eyes $6 surge as whale accumulation soars
Source: TradingView

The graph indicated that ADA could soon hit $6 by September 1, 2025, rising by over 1600% in less than a year. The forthcoming US elections would play a huge role in propelling the tokens’ prices, especially if a crypto-friendly candidate is elected.

Some crypto assets, including Bitcoin, have already seen their prices surge. BTC is currently at $69,506, representing more than a 64% rise in YTD price gains.

At the time of writing, the ADA price was only $0.351, marking a 1.96% loss in the last 24 hours and an 8% surge in the past week. Its 24-hour trading volume is 269.35 million, and its market capitalization is 12.28 billion.

Cardano’s whales have increased their holdings to about 2.94 billion

Santiment’s data shows that large Cardano holders have been on track to accumulate their holdings. Around mid-April 2022, token holders amassed roughly 100 million and 1 billion ADA in their wallets.

Now, Cardano whales have accumulated over 2.94 billion ADA, marking a 47% rise since April 2022. Ideally, massive accumulation activity usually signals that the involved investors are eyeing possible price appreciations in the near future or even market reversals.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
BNB Price Rebounds as Traders React to CZ’s Pardon — But One Roadblock RemainsBNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
Author  Beincrypto
Oct 24, Fri
BNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
placeholder
WTI Oil steadies above $61.00 as concerns about oversupply easeCrude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
Author  FXStreet
Oct 24, Fri
Crude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
placeholder
Gold declines as traders brace for trade talks, US CPI inflation dataGold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
Author  FXStreet
Oct 24, Fri
Gold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
placeholder
US CPI headline inflation set to rise 3.1% YoY in SeptemberThe United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
Author  FXStreet
Oct 24, Fri
The United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
placeholder
WTI falls to near $61.00, downside appears limited due supply concernsWest Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
Author  FXStreet
Oct 24, Fri
West Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
goTop
quote