Cardano ADA is currently navigating a complex market landscape. Trading at approximately $0.82 with a 24-hour volume of $1.8 billion, Cardano has seen slight gains today but remains down by 5% over the past week. Crypto analyst Sssebi predicts a necessary pullback before a potential rally, suggesting a strategic decline to the $0.70–$0.75 range before regaining momentum to possibly hit a new all-time high by December.
Short-Term Pullback Before All-Time High
According to analyst Sssebi, Cardano ADA’s price might initially drop as the market corrects itself. “Bigger drop until October and then bounce back mid-October–November,” Sssebi noted. This pullback is expected to set the stage for a robust recovery, with a potential year-end rally reaching around $1.00. The 4-hour chart indicates room for a rebound, setting the groundwork for a powerful Q4 performance.
The Relative Strength Index (RSI) is nearing oversold conditions, often a precursor to price support. If ADA maintains support near the $0.70 level, it could rebound strongly and lay the foundation for a potential all-time high in December.
Whale Activity and Market Stability
Recent on-chain data highlights significant activity from large ADA holders. Analyst Ali Martinez reported that addresses holding between 1 million and 10 million ADA have transferred about 160 million tokens in the past four days, reducing their combined holdings from 5.6 billion to 5.44 billion ADA. Despite these movements, Cardano’s price has remained stable, indicating steady demand absorbing the increased supply.
Transaction Growth and ETF Prospects
Cardano’s mainnet has processed over 114 million transactions, showcasing robust network activity. Additionally, institutional interest in ADA is on the rise. WisdomTree has registered its CoinDesk 20 Fund, which will include Cardano alongside Bitcoin, Ethereum, Solana, and XRP. The odds for a US Cardano ETF approval have surged to 91%, potentially enhancing ADA’s market position.
With strong fundamentals and increasing institutional interest, Cardano ADA is strategically positioned for a potential breakout. Investors are keenly observing as the token navigates through this critical phase, aiming for an all-time high by year’s end.
