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Cardano (ADA), the eighth-largest cryptocurrency by market capitalization, might be poised for its best weekly close since 2021.
According to TradingView data, Cardano is already up 59.14% in the week. Cardano last saw weekly gains of this magnitude in August 2021, when it reached an all-time high of $3.09.
Cardano has been on a tear since mid-October, and it is on course for its eighth week of gains. So far this week, Cardano has outperformed, set for six consecutive days of gains since Sunday.
The rally accelerated as Cardano saw a sharp price increase on Friday. In today's trading, Cardano extended its strong price surge, reaching highs of $0.6448 before slightly retreating. At the time of writing, ADA was still up 21% in the last 24 hours to $0.63.
Cardano social dominance soars
Alternative cryptocurrencies, led by Cardano (ADA), surged in weekend trading as steady Bitcoin prices drove capital rotation to altcoins.
These capital rotations are common in the crypto markets following major Bitcoin run-ups, with a rally in larger crypto assets followed by a spike in meme coins and lastly, microcaps.
That said, on-chain analytics startup Santiment noted that Cardano and other market gainers are seeing one of their highest social dominance days of 2023. The recent price increase accompanies a jump in the ADA social discussion rate to a six-month high.
During the week, Ali, a crypto analyst, observed that the ADA price movement mirrored its 2018–2020 pattern, in which it consolidated before ascending. As a result, ADA had a dramatic price spike beginning in late December 2020, skyrocketing by about 2,350% to all-time highs of $3.09 in August 2021.
Given that Cardano has broken past the $0.45 mark, Ali predicts a potential rally to $0.75 by late December.
Gamza Khanzadaev
Godfrey Benjamin
Arman Shirinyan
