As President-elect Donald Trump’s inauguration approaches, sentiment appears to be shifting completely to the bullish side. Amid this market rally, ADA, the native token of the Cardano blockchain, has broken out of a bullish price action pattern and is poised for massive bullish momentum.
ADA Technical Analysis and Upcoming Level
According to expert technical analysis, ADA appears bullish as it broke out of a head-and-shoulders inverse bullish price action pattern on the daily time frame. Following this breakout, the altcoin paved the way for a massive rally.
Based on recent price action and historical momentum, if ADA holds above the $1.15 level, there is a good chance that it will surge 42% to reach the $1.15 mark. $.63 in the future.
However, current market sentiment and Trump’s inauguration suggest that SOL could easily achieve this planned target.
On the positive side, with ADA’s Relative Strength Index (RSI) at 63, technical analysis indicates that the altcoin has enough room to skyrocket significantly.
Growing interest from traders and investors
Aside from this bullish outlook, interest among traders and investors appears optimistic as they consistently maintain a bullish stance, according to on-chain analytics firm Coinglass.
At press time, the ADA Long/Short ratio stands at 1.10, indicating strong bullish sentiment among traders. The data further reveals that 53% of ADA’s top traders currently hold long positions, while 47% hold short positions. This uptrend follows ADA’s exit from a head and shoulders price action pattern.
Millions of ADA accumulation
Apart from this, as CoinPedia reports, long-term holders and whales are constantly accumulating the altcoin. According to recent data, whales accumulated 100 million ADA tokens on January 15, 2025, followed by 30 million ADA tokens on January 16, 2025.
This substantial accumulation from whales and long-term holders suggests that the bull run has officially begun and indicates an ideal buying opportunity.
Current Price Dynamics
With this bullish outlook, ADA is currently trading near $1.14 and has seen a price increase of over 1.20% in the last 24 hours. During the same period, its trading volume increased by 11%, indicating increased participation from traders and investors amid a market recovery.
