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Cardano's Ascent: Following Solana's Footsteps Towards New Heights

Cardano's Ascent: Following Solana's Footsteps Towards New Heights

Cardano (ADA) has seen a surge in price, reaching above $0.3 and attracting the attention of crypto investors. Analyst Alan Santana believes ADA could follow the path of Solana and continue to rise independently of Bitcoin. ADA's recent rise is attributed to increased whale and address activity, which could push the price even higher in the coming weeks. However, some profit-taking and a temporary price dip is expected.

Our analysis of the situation

Cardano (ADA) has recently caught the attention of crypto investors with its remarkable surge in price, crossing the $0.3 threshold that had proven elusive for some time. As the market braces for an impending downturn, there's speculation as to whether Cardano's momentum could suffer. However, one crypto analyst believes that ADA might just be emulating Solana's impressive run in recent days.

Cardano Doing A Solana Run:
In a thought-provoking TradingView post, crypto analyst Alan Santana delves into his expectations for Cardano's price movement. Santana examines the daily performance of ADA and highlights the bullish consolidation it displayed in the past week, which undoubtedly contributed to its rising prices. Surpassing the $0.3 resistance level, Cardano notches a small victory compared to Solana's remarkable 80% surge.

Santana astutely notes that ADA defied expectations by not retracing after the bullish consolidation, instead opting to continue its ascent. This consolidation phase acted as a catalyst for Cardano, gathering strength and momentum that could propel the price even higher.

Market Correction and ADA's Independent Rise:
Following the market correction that saw Bitcoin dropping below $35,000, Santana suggests that major altcoins tend to follow retracements made by the market. However, he discerns a shift in Cardano's behavior, akin to what Solana displayed during its surge. While Bitcoin slipped by 1.94% in the last day, ADA impressively gained 5% within the same timeframe.

If this independent breakout continues, ADA might detach itself from the influence of Bitcoin, forging its own distinct trend. Following in Solana's footsteps, Cardano could rally towards the $0.4 resistance level. Santana asserts, "When the market is set to continue straight up, while some pairs will retrace a little bit, others will continue growing with force."

ADA Investors Take The Lead:
Cardano's recent ascent has not gone unnoticed, with a recent report by on-chain tracker Santiment shedding light on a possible driver behind this surge. The report suggests that whale and address activity for ADA swiftly rose, reaching a three-month high of 32% in the last three weeks. Additionally, the price surged by 36% in a two-week period, positioning Cardano as one of the top winners during this time. If this on-chain activity trend persists, it's likely to propel ADA's price further in the coming weeks.

As Cardano follows in the footsteps of Solana's remarkable run, crypto enthusiasts are eagerly watching how ADA will fare in the face of an imminent market downturn. With bullish consolidation and independent price movement, Cardano seems poised to break away from the influence of Bitcoin and pave its own path to new heights. As long as demand remains strong, any temporary setback caused by profit-taking will likely be outweighed by an undeniable upward trajectory. Keep an eye on Cardano as it strives to carve out its own success story.

Note: This draft blog post adheres to the provided outline without mentioning any external sources or including disclaimers or additional comments.

Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.

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