Despite the optimistic market sentiment, ADA has fallen by 2.84% in the past 24 hours. Nevertheless, the asset still maintains a 4.59% weekly increase and has risen by 47.55% over the past month.

The increase in investor activity and the decrease in ADA supply on the Exchange may lay the foundation for a price reversal, pushing the asset to higher levels.

The surge in whale Trades indicates a growing confidence.

As of the latest statistics, the Cardano network processed 687 transactions worth over 1 million USD in the past 24 hours. This growth can be attributed to institutional investment and whales once again holding ADA tokens. When the MMF trades within a relatively narrow Range, the Cardano volume has been increasing. This suggests that the ADA price is starting to rise.

Trades by large investors can be viewed as Shareholding, stimulating buying interest, which in turn leads to price increases.

It is alleged that whales purchased over 80 million ADA tokens in the past two days, valued at about 85.6 million USD. This steady accumulation indicates that investors are increasingly confident in the long-term price outlook of Cardano, thereby paving the way for the assets to rise.

Balance between Bulls and Bears.

The buying activity of various trader groups (classified by their Shareholding) has significantly increased.

In the past 30 days, addresses holding ADA valued between 1 million and 10 million dollars have increased by 67.29%, which is the most significant increase compared to other addresses.

This further validates the enhanced purchasing activity of market whales. Despite this increase, the market currently reflects a balance between bulls and bears, placing ADA in a neutral state. The activity distribution of key traders is evenly spread, with 95 bullish and 95 bearish participants among the top 1% of contributors.

This balance indicates a lack of decisive momentum, meaning that the drive to push ADA's price up may need to come from other groups of traders.

Key levels and price targets for ADA.

Cardano's price remains in a consolidation pattern, with ADA fluctuating between 1.07 and 1.14 dollars over the past week. A bearish head and shoulders pattern can be seen on the chart. Analysts believe that if the price rises above 1.14 dollars, this pattern will be invalidated. Therefore, if ADA manages to break through the resistance level on the daily chart, the price could rise to 1.63 dollars, representing a 43% increase.

On the other hand, if the price falls below the 1.00 dollar level, it will reinforce a bearish outlook, which could bring ADA down to 0.78 dollars, a decrease of 24%. Nevertheless, ADA still retains support from the ascending trendline, which minimizes the likelihood of a significant drop.

The relative strength index (RSI) for Cardano is 49, indicating that the token is in a neutral zone and may rise. Additionally, the MACD indicator on the 4-hour chart has shown a bullish crossover, suggesting a strong upward momentum as buyers return to the market.

ADA Price Outlook: Can Cardano reach 2 dollars?

If a bullish trend occurs, Cardano may rise, as they have provided key price levels of $1.46, $1.76, and $2.04. These levels suggest that the price of ADA could increase by 37% to 92% compared to the current price. Breaking through this level may allow Cardano's price to climb to its previous high of $3.10.

In addition, another analyst expects that given the current market trends and adoption rates, Cardano (ADA) will rise to between $3 and $7 in the next bullish supercycle. A market cap of $500 billion makes $14 realistic.

According to market signals, including decreased selling pressure and increased Shareholding by whales, ADA seems poised for a rise. A decrease in short-term trading volume also indicates that price may increase, as the rest of the Cryptos market continues to move forward.