Since last week, Cardano’s (ADA) price has recorded a drop of more than 10%. Since then ADA price has quietly shown strength again, and continues to consolidate sideways, while prominent analyst Ali Martinez believes that the Cardano price could push towards $1 soon, fueling the bullish sentiment in the market.
Interestingly, big ADA holders are still buying more ADA. This comes as market excitement grows due to a possible DeFi partnership between Cardano and Litecoin, and growing hopes of an ETF approval.
Cardano Price Eyes the $1
According to Ali, ADA pulled back slightly after reaching a high near $0.88, but it found strong support around $0.74, right at the lower end of its upward channel. This zone has acted like a safety net, as ADA has been moving within a rising channel since mid-April.
For traders, this setup is often seen as a sign that the token might be preparing for another leg up.
Ali noted that if ADA can stay above $0.74 and continue following the trend channel, there’s a chance it could retest previous highs of $0.88 or even aim beyond $1.
Whales Are Buying Big
Backing the technical setup is a wave of whale activity. In just the past 48 hours, large wallets have purchased over 80 million ADA, according to blockchain platform Santiment. When whales start buying, it often means something big is coming.
As of now, Cardano’s price is trading around $0.725, reflecting a drop of 2% seen in the last 24 hours, with a market cap of $23.5 billion.
Cardano and Litecoin Working Together?
Another reason for the excitement is a possible DeFi partnership between Cardano and Litecoin. Cardano’s founder, Charles Hoskinson, confirmed his support for the Litecoin community and hinted at a new collaboration.
This could happen through Cardano’s upcoming privacy-focused project called Midnight.
If confirmed, this would be a rare and powerful cross-chain partnership between two well-established blockchains.
ETF Hopes to Lift Sentiment
Meanwhile, Cardano’s regulatory outlook is improving. According to Polymarket, the chances of a Cardano spot ETF being approved this year have jumped from 45% to 64% in just one day.
This shows that investors believe Cardano could soon be part of the traditional financial world.
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