Cardano (ADA) has captured attention with a 300% price surge since early November, reaching a near two-year high and crossing the $1.3 mark early Tuesday.
While this surge has sparked investor enthusiasm, it has also triggered a wave of profit-taking, raising questions about whether the momentum can be sustained.
Smaller Holders Cash In Amid Rally
Numerous smaller ADA holders, holding up to 10,000 tokens, have been actively selling, offloading over 72 million ADA worth more than $92 million.
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This behavior has been observed for over a month, highlighting ongoing profit-taking among smaller investors. Many appear to be locking in gains rather than holding through potential volatility.
However, despite the significant volume of ADA being sold, the market has not experienced a sharp price decline.
Cardanoโs Bullish Breakout
This November, ADA has emerged as one of the top-performing “dino” cryptocurrencies, with its price soaring from around $0.32 on November 5 to a high of $1.3 in early December.
The rally gained momentum following comments from Charles Hoskinson, the founder of IOHK, the company behind Cardano. Hoskinson announced plans to work with the Trump administration in 2025 to promote more favorable crypto policies in the U.S.
This announcement sparked a significant jump in Cardanoโs price, with bulls driving the token to heights not seen in years.
As of today, ADA remains three years removed from its all-time high (ATH) of $3.10, last seen in September 2021.
The impressive rally of ADA has led speculations about its potential for further gains.
While some analysts remain conservative, forecasting a rise to $1.5, others are more bullish, predicting that Cardanoโs token could peak at around $6 during this cycle.
Why This Matters
The crypto market has officially entered altcoin season, with numerous tokens posting triple-digit gains. While a short-term correction may be imminent, the bull cycle is still in its early stages, leaving significant room for long-term price rallies.
Check out Hoskinsonโs plans for Cardano:
Cardano to Build Own Bitcoin Bridge After Developer Token Row
Find out more about biggest winners of bullish November:
