Cardano (ADA) has experienced a notable price resurgence in recent weeks, reaching as high as $0.85 before retracing to the current level of $0.78. Analysts are cautiously optimistic about its potential to hit $1, but cautionary signals suggest a possible pullback. 2023’s upward movement might be attributed to the cryptocurrency sector’s overall recovery and recent institutional investments. One prominent analyst, Ali Martinez, believes ADA could reach $1 if it surpasses an important resistance level at $0.81. This prediction hinges on ADA’s ability to break through this key resistance. 2023’s price surge is notable as it follows a period where the asset traded above $1 for only a short time in March, when President Trump signed an executive order to establish a strategic crypto reserve, which ultimately excluded ADA. However, this initial move was later amended and focused solely on Bitcoin. Beyond Martinez, other analysts like Henry have highlighted ADA’s potential with his own predictions. He believes the token’s intrinsic value and stable structure could potentially propel its price to reach $3 within 2023. A recent significant transfer of almost 70 million ADA from Coinbase to an unknown wallet has sparked discussions about a potential shift towards self-custody practices and less immediate selling pressure. However, this action’s actual purpose remains unclear. Meanwhile, the RSI (Relative Strength Index) has surged to over 60 on a daily scale. This metric indicates rapid price movements, and readings above 70 typically signal that an asset is in overbought territory and could experience a correction soon.