Can Cardano Break $1 Again? History and Whale Activity Suggest It Could

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Cardano’s (ADA) price has struggled since March 2024, shedding nearly 66%. However, recent market developments suggest that a turnaround may be underway, especially with Bitcoin’s price rally sparking optimism for the Ethereum-killer.

Cardano’s Q4 2023 Rally: Will It Happen Again?

In the last three months of 2023, Cardano experienced an impressive rally, surging nearly 170%. ADA peaked at $0.6769, only to retrace in January 2024. Yet, by mid-March 2024, ADA had climbed 81%, confirming its volatile but upward trajectory. As shown in the chart, ADA has faced a series of lower highs and lower lows since then, signaling a consistent downtrend.

Following the price crash on August 6, Cardano has managed to hold its ground, preventing lower lows. This recent stabilization points to possible accumulation from sidelined investors. If Cardano maintains support around $0.320, it could attempt to break through the $0.3923 resistance.

September Support Key for Q4 Bullish Momentum

A successful breach of the $0.3923 resistance could create a strong foundation for bullish momentum. Investors anticipate a surge in Cardano’s price by the end of September 2024. If this happens, the stage would be set for a bullish Q4, possibly mirroring the impressive gains seen in 2023.

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Recent Bitcoin price movements have contributed to this renewed optimism, as the leading cryptocurrency is on track to retest $64K. If the bull run continues, Cardano could follow suit, aiming for price targets at $0.509 and $0.600. Should Cardano replicate its 166% rise from Q4 2023, it could rally close to $0.900 or even touch $1.

Whales Signal Confidence in ADA

Santiment data shows that whales holding between 10K to 1M ADA, who accumulated during Q3 and Q4 2023, are back in the market. Larger cohorts, with 1M to 10M ADA, have bought 160 million tokens since July 17. This whale accumulation strengthens the outlook for Cardano’s bullish Q4 performance.

In conclusion, as Cardano heads into the final quarter of 2024, market sentiment remains optimistic. If history repeats, ADA could revisit previous highs, potentially surging close to $1.