Prominent Ali Martinez suggests ADA could hit $1 if it respects current upward trend channel.

Whales accumulate 80 million ADA in 48 hours, showing strong confidence in Cardano. Cardano and Litecoin eye DeFi partnership through Midnight project, boosting cross-chain collaboration hopes.

Prominent crypto analyst Ali Martinez has suggested that if Cardano (ADA) manages to stay above a key support level and continues following the trend channel, it could push towards $1 soon.

In the short term, Ali observed that 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.

If ADA can stay above $0.72 and continue following the trend channel, there’s a chance it could retest previous highs of $0.88 or even aim beyond $1.

If the current structure on #Cardano $ADA is an ascending channel, holding above $0.72 could pave the way for an upswing toward $0.92. pic.twitter.com/vgNNfuudPd

— Ali Martinez (@ali_martinez8) May 25, 2023

If we break down the chart, we can see that ADA price dropped by more than 10% since last week.

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.

This statement comes amid growing enthusiasm for a possible DeFi partnership between Cardano and Litecoin, and rising hopes of an ETF approval.

As crypto news reports, big ADA holders are still buying more ADA. In the past 48 hours, large wallets have purchased over 80 million ADA, according to blockchain platform Santiment.

As the size of these buy orders increases, so does the market excitement.

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 partnership hopes grow

Another interesting development is the possibility of a DeFi partnership between Cardano and Litecoin.

This comes after Hoskinson expressed his support for the Litecoin community and hinted at a new collaboration.

Such a partnership could take place through Cardano’s upcoming privacy-focused project called Midnight, which is designed to facilitate cross-chain collaboration and bring DeFi to new blockchains.

If confirmed, this would be a powerful partnership between two well-established blockchains, known for their technological strengths and large user bases.

Finally, the regulatory outlook for Cardano is improving. According to Polymarket, the chances of a Cardano spot ETF being approved this year have risen from 45% to 64% in just one day.

This shift in probability indicates that investors are becoming increasingly optimistic about the possibility of seeing a Cardano ETF launched in 2023.