Analyst Ali Martinez has revealed Cardano potential move to its highest price level for the year, as it currently faces “minimal resistance”.

Martinez’s position hinges on the growing demand for the crypto asset, as shown by IntoTheBlock data. The data reveals about 166,470 wallets acquisition of the asset when it  traded in the $0.37 and $0.38 range.

#Cardano sits at a key demand zone between $0.37 and $0.38. Here, 166,470 wallets acquired 4.88 billion $ADA.

With minimal resistance ahead and solid support below, remaining above this zone could pave the way for $ADA to climb to new yearly highs. Still, watch out, as losing… pic.twitter.com/GDjhspFSVr

— Ali (@ali_charts) November 27, 2023

Despite the current market consolidation, Martinez foresees no resistance ahead for Cardano, a potential toward price gains. Notably, ADA sees no significant supply wall that serves as a strong resistance point to a rally.

Cardano Rebound 

At the moment, the 2.83% drop in the price of Cardano to $0.3848 makes a major discount that may further attract buyers into the network. With a high affinity to embrace coins at a discount, more wallets stacking up ADA may emerge in the coming days.

Despite the price falls, Martinez believes Cardano has formed solid support at the $0.38 mark, which is instrumental in charting an upward pathway.

The IntoTheBlock shows data that the supply wall at the $0.3823 and $0.3911 levels, where 136.69K addresses bought ADA, stands as the following line of resistance for the asset.

Also read:ADA Hits Academic Milestone: Is CardanoGPT Next?

ADA Fundamental Strength

“Sustaining an increasing demand poses a significant challenge for digital currencies to secure continuous accumulation from both retail and institutional investors.

Thankfully, Cardano addresses this challenge with a series of innovative upgrades, new products, and services designed to consistently appeal to new ADA buyers.

Also read: ADA DeFi Surges with TeddySwap Launch, Attracting $196,000 in Liquidity

Over the past year, Cardano has successfully introduced and maintained these innovations. Recently, it introduced a cutting-edge Decentralized Exchange to cater to its users. Additionally, Cardano takes pride in its enhanced staking offerings, and as Ethereum plans changes that align with Cardano’s earlier implementations, it positions itself to attract a fresh wave of stakers in the near future.”

Currently, ADA trades at $0.3781 per token.