Cardano (ADA) surged by 16% reaching $1.28, marking its largest 24-hour gain this month and pushing its market cap to $44.7 billion. Investors are speculating on whether this rally is sustainable. ADA gained 268% last month, attracting strong bullish attention.
Crypto analysts are optimistic about ADA's future. Javon Marks set a price target of $2.77, predicting a 130% increase. Lark Davis anticipates a 747% jump to $10, echoing ADA's potential rise similar to 2021.
Institutional support adds to ADA's bull case. Mark Yusko from Morgan Creek Capital considers Cardano a top altcoin for 2024, foreseeing future adoption by traditional banks.
ADA faces resistance at $1.15. Analysts urge caution, emphasizing the need to overcome this level to maintain bullish momentum. A failure could lead to corrections at support levels like $0.88.
Cardano's momentum is part of broader market enthusiasm as Bitcoin nears $100,000, supported by optimism for crypto-friendly policies post-US elections.
Cardano plans to release 18.53 million ADA tokens worth $20 million for staking and treasury reserves, expected to fuel future growth. However, key resistance levels and investor confidence remain crucial.
