Key takeaways:
ADA price confirms bull flag breakout, eyeing 100%–150% upside.
Long-term holders have been holding a record 15 billion ADA for over a year.
Cardano’s (ADA) shows signs of breaking out from months of consolidation, with some analysts expecting prices to at least double in the weeks ahead.
ADA price enters bull flag breakout stage
Cardano’s latest price action has confirmed a bullish breakout from a multimonth bull flag pattern on the three-day chart, according to analysis by Clifton Fx.
The breakout follows a steady climb from the lower trendline, with ADA price now pushing above key resistance. Technically, such breakouts often precede strong upside continuation.
Clifton Fx’s current projections point to a “100-150% massive bullish rally” in the coming weeks. In other words, ADA’s price can grow toward the $1.60–$1.75 range if momentum holds. These levels were last seen during the early 2024 gains.
ADA’s bullish outlook appears on the backdrop of its significant gains in the past 24 hours, when compared to other top-ranking cryptocurrencies. The Cardano token has risen by about 20% in the period to reach $0.99, a five-month high.
The gains underscore renewed buying interest in the altcoin market, with ADA now among the top watchlist candidates for traders betting on high-percentage moves.
That includes Trader_Jibon, who predicts ADA’s price to reclaim its November top at around $1.32 —and mid-2022 high of $1.63 afterward.
Long-term ADA holders hit record high as retail interest spikes
The bullish outlook for ADA further follows signs of a strengthening long-term holder (LTH) base.
As of Tuesday, 15 billion ADA remained unmoved for more than a year, hinting at reduced selling pressure amid the so-called “altcoin season” buzz.
At the same time, retail interest in the broader altcoin market is on the rise.
Google Trends data reveals searches for “altcoin” have climbed to their highest level since 2021, while “Cardano” interest is at a five-month peak.
Historically, similar spikes have coincided with phases of intense capital rotation from Bitcoin and into altcoins, such as during the ICO boom of early 2018 and the DeFi-NFT surge of 2021.
Related: Price predictions 8/13: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK, HYPE, XLM
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
