Exploring Cardano’s Potential to Reach Its All-Time High Amid Whale Accumulation and Altcoin Season
Highlights:
- Cardano’s price has risen for five consecutive weeks, reaching levels last seen in 2022.
- Whale investors are actively accumulating ADA, fueling the ongoing rally.
- A doji candlestick on the weekly chart signals potential hesitation or reversal.
Cardano’s price has been on a consistent upward trend, marking its first five-week winning streak of the year. Driven by whale accumulation and the broader crypto market rally, the question remains: Can ADA surge by 165% to reclaim its $3.10 all-time high?
Whale Activity Fuels Cardano’s Rally
The price of ADA has climbed steadily over the past five weeks, peaking at $1.3230, the highest level since January 2022. From its 2023 low, ADA has soared by 450%.
This bullish trend has been accompanied by significant whale activity. Reports indicate that whales have purchased $276 million worth of ADA during this rally, with 100 million ADA tokens acquired in just the past 24 hours. This accumulation is expected to continue, bolstered by the current altcoin season.
Retail investors are also joining in, with data from CoinCarp revealing that the number of ADA holders now exceeds 3.5 million. 
Can ADA Sustain Its Momentum and Reach $3.10?
Technical analysis suggests that ADA’s price may face short-term volatility before continuing its ascent.
On the weekly chart, ADA is encountering resistance at $1.3230, which aligns with the 38.2% Fibonacci retracement level. Additionally, the chart displays a potential doji candlestick pattern, often associated with market indecision or reversals.
Should ADA pull back, it could test psychological support at $1 or even dip to $0.8090, the neckline of a triple-bottom pattern. The Relative Strength Index (RSI), currently at an overbought level of 85, also signals the possibility of a near-term correction.
If ADA follows a break-and-retest continuation pattern, it could initially rebound to the 50% Fibonacci retracement level at $1.66. A subsequent 165% rally to its all-time high of $3.10 would depend on whether the broader crypto bull market remains intact. 
Risks to the Bullish Scenario
A bearish turn would be confirmed if ADA breaks below the triple-bottom neckline at $0.8090. Such a move could lead to a retest of its 2023 low at $0.2480, invalidating the optimistic outlook.
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