As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed countless bull and bear runs, but the recent surge in ADA‘s price has left me quite intrigued. The whale activity, coupled with the optimistic predictions from analysts like Jake Gagain and Dan Gambardello, suggests a potentially impressive move upwards for Cardano’s native token.
TL;DR
- ADA whales have been on a buying spree lately, signaling potential price surges in the short term.
- Rising network growth and a 7% increase in large transactions support ADA’s rally, with 66% of investors now in profit compared to 87.6% being in the red just months ago.
How High Can ADA Go?
Cardano’s ADA witnessed a whopping 180% price increase in the past month, briefly crossing $1 and currently hovering around it. According to some analysts and developments, the asset might pump much more impressively in the near future.
One indication pointing towards an upward trend could be the increased whale activity. As reported by popular X user Ali Martinez, it’s been estimated that big-time investors bought approximately 130 million tokens, worth around $130 million, during the recent market downturn.
By decreasing the supply of coins in circulation, there will be a scarcity created, potentially leading to an increase in their value if demand remains consistent or grows.
As a researcher studying these magnificent creatures, I find that their actions could potentially be seen as a symbol of reassurance by smaller entities within the ecosystem. This interpretation might encourage these smaller players to integrate themselves into the system.
User Sssebi hypothesized that ADA may be developing a “reversed head-and-shoulder formation,” potentially leading to a rise in its price beyond $1.05 as early as this coming week.
As an analyst, I find myself sharing the enthusiasm of Jake Gagain and Dan Gambardello. Interestingly, Jake has made a bold statement that he will deactivate his X account if Cardano (ADA) fails to surpass $5 during this bull run.
Gambardello referred to the $1 price range as a “consolidation and rebalancing” period. He foresees that once this stage is complete, Cardano will be able to aim for prices around $5 and $10.
Currently, we’ve just shared a video highlighting significant advancements related to Cardano. Feel free to watch it by following this link:
Bullish Metrics
Some key on-chain signals suggest an upcoming bull run, as suggested by IntoTheBlock. Specifically, the Net Network Growth, which measures the true expansion of the token’s network, has increased by 0.33% in a day.
A significant increase has been observed in large transactions (those valued over $100,000), with a surge of nearly 7% within the last 24 hours.
Currently, the surge in ADA’s price is bringing advantages to numerous of its investors. Approximately 66% of these holders are enjoying paper profits, whereas a little over one-fourth (27%) still find themselves below water.
The image showed significantly more distressing conditions around early August this year, as very few ADA holders were making a profit. Simultaneously, an overwhelming majority of 87.6% were experiencing losses.
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2024-11-28 23:22