The cryptocurrency market is currently experiencing a significant surge in prices following the announcement by the Securities and Exchange Commission (SEC) to review and close all pending cases. This news has had a positive impact on market sentiment, leading to substantial price increases across major cryptocurrencies.
One cryptocurrency that has been attracting attention is ADA, the native token of the Cardano blockchain. Crypto whales have been accumulating a massive 100 million ADA tokens in the past 48 hours, as reported by a prominent crypto expert on social media platforms. This accumulation, combined with the recent SEC announcement and the upcoming inauguration of a new president, has contributed to ADA’s rally.
As of January 15, 2025, ADA has seen a price surge of over 7.5% in the past 24 hours, with the token currently trading around $1.065. This surge in price has also led to a 76% increase in trading volume, indicating heightened interest from traders and investors.
Looking at ADA’s price action and key levels, the token has reached a crucial trendline resistance level on the daily chart. While some anticipate a price reversal at this level, the overall market sentiment suggests that ADA may continue its upward momentum.
If ADA manages to break above the $1.15 horizontal level and close a daily candle above it, there is a strong possibility that the token could rise by 40% to reach $1.645 in the future. Additionally, ADA’s Relative Strength Index (RSI) is still below the overbought area, indicating that there is room for further upside momentum.
Overall, the recent developments in the cryptocurrency market, combined with the bullish outlook for ADA, have positioned the token for potential growth in the near future. Traders and investors should keep a close eye on key levels and market indicators to make informed decisions about their ADA holdings.