Cardano's ADA is showing clear breakout signals after months of trading in an accumulation state, raising hopes for a strong price increase. Some analysts believe that this coin could at least double in value in the coming weeks.
Breakout from the bullish flag pattern
According to Clifton Fx's analysis, the three-day chart of ADA has just confirmed a breakout from a bullish flag pattern – a multi-month accumulation pattern. This breakout comes after the price maintained a stable upward trend from the lower support line while surpassing a key resistance level.
Technically, such patterns often signal a continuing bullish cycle with strong momentum. Clifton Fx predicts that the price of ADA could record an increase of 100-150% in the coming weeks, corresponding to the range of $1.6–$1.75 – a price level that last appeared at the beginning of 2024.
ADA price surges in 24 hours
This optimistic outlook is further emphasized as ADA recorded an impressive increase in the past 24 hours. The coin has risen about 11%, hitting $0.99 – the highest level in five months – before slightly decreasing to $0.97 and outperforming many other top cryptocurrencies in the same period.
This upward momentum also helps ADA become one of the top candidates on traders' watchlists, especially for speculators looking for high percentage volatility opportunities.
Among them is Trader_Jibon, who predicts that ADA will soon regain the peak level of November 2024 at $1.32, before heading towards the highest level of mid-2022 at $1.63.
Long-term holding power reaches record levels – Selling pressure drops sharply
An important signal reinforcing ADA's bullish outlook comes from the persistent holding power of long-term holders (LTH). As of last Tuesday, up to 15 billion ADA has been 'inactive' for more than a year, clearly reflecting that selling pressure has almost disappeared. This development coincides with market speculation about an upcoming altcoin season.
At the same time, retail investors are also showing increased interest in the altcoin market in general. Data from Google Trends shows that searches for the keyword 'altcoin' are at their highest level since 2021, while the level of interest specifically for 'Cardano' has reached a peak in the past five months.
In the past, similar spikes in search levels and market interest often coincided with strong capital rotations from Bitcoin to altcoins, typically such as:
ICO boom in early 2018
The DeFi – NFT wave in 2021
If the historical scenario repeats, ADA could very well become one of the leading coins in the upcoming altcoin growth, especially as it has broken out of the long-term accumulation pattern and received strong support from both technical buying and market sentiment.