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As the time approaches President-elect Donald Trump’s inauguration, the sentiment seems to be shifting completely towards the bullish side. Amid this market recovery, ADA, the native token of the Cardano blockchain, has broken out from a bullish price action pattern and is poised for massive upside momentum.
ADA Technical Analysis and Upcoming Level
According to expert technical analysis, ADA appears bullish, as it has broken out from a bullish inverted head-and-shoulders price action pattern on the daily time frame. Following this breakout, the altcoin has cleared its path for a massive rally.
Based on the recent price action and historical momentum, if ADA holds above the $1.15 level, there is a strong possibility it could soar by 42% to reach the $1.63 mark in the future.
However, the current market sentiment and Trump’s inauguration suggest that SOL could easily achieve this predicted target.
On the positive side, with ADA’s Relative Strength Index (RSI) at 63, technical analysis indicates that the altcoin has enough room to soar significantly.
Traders’ and Investors’ Rising Interest
Besides this bullish outlook, the interest from traders and investors appears optimistic, as they consistently maintain a bullish stance, according to the on-chain analytics firm Coinglass.
At press time, the ADA Long/Short ratio stands at 1.10, indicating strong bullish sentiment among traders. Data further reveals that 53% of top ADA traders currently hold long positions, while 47% hold short positions. This bullishness follows ADA’s breakout from a head-and-shoulders price action pattern.
Millions of ADA Accumulation
Apart from this, long-term holders and whales have consistently been accumulating the altcoin, as reported by CoinPedia. According to recent data, whales accumulated a significant 100 million ADA tokens on January 15, 2025, and later 30 million ADA tokens on January 16, 2025.
This substantial accumulation by whales and long-term holders suggests that the bull run has officially begun and indicates an ideal buying opportunity.
Current Price Momentum
With these bullish outlooks, ADA is currently trading near $1.14 and has experienced a price surge of over 1.20% in the past 24 hours. During the same period, its trading volume increased by 11%, indicating heightened participation from traders and investors amid the market recovery.