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Cardano Breakout Of Epic Proportions: Analyst Predicts 1600% Rally To $6.5

Crypto analyst Ali Martinez has noted Cardano (ADA) is open to an unprecedented rally. Price activity suggests that Cardano is moving into a state of consolidation, which coincides with a moderate decline in the general cryptocurrency market. 

Nevertheless, the analyst is of the opinion that Cardano’s current consolidation is similar to one it had prior to a 2980% increase. If previous events are any indicator, we could see Cardano mirror this move and spike past its all-time high. 

Recent Cardano Price Action

Cardano is still up by 48.47% in a 30-day timeframe, but it has lost 7.21% of its market value in the past 24 hours and is currently trading at $0.372. According to chart analysis by Ali Martinez, the current consolidation looks similar to the 2018-2020 consolidation phase without considering the COVID-19 crash. 

Following the conclusion of this phase, Cardano witnessed price surges in the first quarter of 2021, one of which was a price surge of nearly 100% in seven days in early February 2021. This marked the beginning of a prolonged bullish run that drove Cardano’s price up by more than 2980% and brought it to its current all-time high of $3.10 in September 2021. 

If analyst Ali Martinez is right, Cardano is on the cusp of a massive breakout that could send the price of ADA skyrocketing in the same manner. A look through his price chart shared on social media estimates the price of Cardano surging past the $6.5 level, a surge of more than 1,600%.

The journey to this price level is certainly not going to be a smooth one. ADA is going to face major resistance at the $0.45 level, which it has to break through to start with. This won’t be easy, as the coin has already tried and failed to break through this barrier in April. It did go over to reach $0.4533 on April 16, but it fell 15% to 0.383 by April 22nd.

According to the analyst, if a strong price spike were to occur now, ADA could break past $0.45 by the first week of December. If Cardano breaks $0.45, the next stop would be $0.75 by late December, a 66% increase from current levels. 

According to Coinmarketcap’s Fear & Greed Index, the crypto market is now at a greed level of 71. For Cardano to mimic the 2021 bull run, the overall crypto market sentiment would need to maintain this very strong bullish and greed level. Interest in altcoins would have to pick up, and Cardano’s progress on key milestones like smart contracts and DeFi would need to drive hype.

Cardano ADA price chart from Tradingview.com

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Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When

Crypto analyst Fiery Trading has revealed a very bullish outlook for the Cardano (ADA) price. The digital asset which has been having a reasonably good run over the last few weeks is expected to shatter expectations as the analyst puts the price at $35.

Crypto Analyst Predicts 8800% Climb To $35 For ADA

Fiery Trading’s latest Cardano (ADA) prediction right be one of the most bullish for the digital asset this year. ADA, the native token of the Cardano network, is currently trading at $0.388 and if the crypto analyst’s prediction proves true, then it’ll be an 8,800% rise to $35.

The analyst presents the argument that ADA had already bottomed out last month and this is why the price has been in an uptrend. They place the bottom for the price downtrend at the bottom support of the parallel channel which happened right before the price recovery started.

Cardano (ADA) price chart from Tradingview.com

As the analyst explains, “The parallel channel is formed by drawing a line between the two bull-market tops, and copying that exact line towards the Corona dump’s bottom.” So with this, ADA has confirmed the pattern, which is very bullish for the digital asset.

Fiery Trading explains that it is this trend that could drive the Cardano price toward the new all-time high of $35. However, this is not happening soon as the crypto analyst expects that the next market top for ADA during the bull market will happen sometime in 2025. Nevertheless, the analyst expects ADA to follow this pattern and ride it all the way above $35.

Cardano ADA price chart from Tradingview.com

Cardano Bullishness Spreads

Fiery Trading’s prediction above $30 is not the first to emerge for the Cardano price. Another analyst Lucid had also presented a similar argument that the ADA price could climb above $30. However, where Fiery Trading used the parallel channel confirmation as a basis for their analysis, Lucid argued that Cardano had the potential to surge to $30 if “even Ethereum with all its issues hit $500 billion!”

Investors seem to agree with this outlook as they have increased their accumulation over the last month. Notably, Cardano whales spent over $600 million to buy 1.89 billion ADA in one month. These large investors also increased the frequency of their transactions and the fact that the price continued to climb amid this suggested that they were buying rather than selling.

This growing confidence from investors and the fact that Cardano remains one of the top networks in terms of developments suggests that it is primed for an intense breakout. It also means that the digital asset is well-positioned to do well in the bull run.

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Cardano (ADA) 50-Week EMA Flashes Bullish, Is $0.45 On The Way?

Cardano (ADA) is one of the altcoins that has seen major gains in recent days, and this has ignited chatter about how the crypto token could climb. In line with this, Dan Gambardello, the founder of Crypto Capital Venture, has some answers as he provided insight into the token’s trajectory using technical analysis.

What The Charts Are Saying About Cardano

In a video shared on YouTube, Gambardello highlighted the fact that ADA saw a weekly close above the 50-week exponential moving average (EMA), which is something he labeled as “special” and “something “huge.” This is so because there are currently similarities between now and the last cycle, which ushered in the bull market.

Interestingly, he noted that Cardano seems to be above the game this time around, as the close above the 50-week moving average occurred this time while ADA is still in the accumulation phase, unlike back in February 2020 when it happened just after the accumulation phase. 

He also linked the Relative Strength Index (RSI) to these happenings as he noted that, just like the last cycle, ADA was overbought as it was preparing for an upside move. Despite the overbought similarities, he mentioned that this could be different in that ADA continues instead of a retracement as both the 20-day and 50-day exponential moving averages haven’t crossed over the 200-day EMA.

Can ADA Make A Move To $0.45?

Although the crypto founder admitted that he didn’t exactly have a target as to what price level ADA could hit, he mentioned that the daily chart was hinting at $0.45 as a possible target. However, he doesn’t believe Cardano can add that much gain to hit such height, as he predicts a “big retracement” soon enough.

As to how high he believes Cardano (ADA) can reach before the retracement, he mentioned that the crypto token could peak at $0.40 before the expected retracement, which could see ADA drop to around $0.29 and $0.30 based on the moving average structure. 

Such a decline will represent about a %15 decline, but Gambardello is optimistic as he stated that such a dip usually occurs in between the end of the bear cycle and the start of the bull cycle. Meanwhile, he said that ADA could also fall to a Fibonacci support at around $0.26 and $0.28.

Despite his prediction that Cardano is going to fall soon enough based on its overbought status, Gambardello isn’t ruling the target of $0.45 out. He just believes it could take longer rather than just seeing all green candles straight up to that target. 

At the time of writing, ADA is currently trading at around $0.35, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

Cardano ADA price chart from Tradingview.com

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Can The ADA Price Climb Above $20 In The Bull Market? Analyst Provides Answers

The ADA price has always performed incredibly well in the bull market cycles with price rallies that have put millions of holders in profit in the past.

However, like any other cryptocurrency, it can be hard to pinpoint how high the price will climb in the next bull market. Nevertheless, one crypto analyst is taking the bull by the horns to reveal where they expect the altcoin’s price to reach in the next bull market.

ADA Price Could Rise As High As $24

In an analysis posted to TradingView, crypto analyst masoud_paydarsani outlines how the ADA price could rise to double-digits. First, the analyst points to Cardano’s ADA token being a long-term upward channel on the weekly time frame, albeit a rather slow uptrend.

However, this does not invalidate its bullish tendencies, especially when it comes to ADA repeating its previous bull market cycles. Masoud points to the fact that the past crypto market cycles saw approximately 108 weeks of the bear market before 66 weeks of the bull market, and it is within these 66 weeks that ADA shines.

Cardano ADA price chart from Tradingview.com

The analyst believes that if the upward channel is validated, then the next ADA bull run could turn out like the rest. Using the previous performances of the altcoin, eg, the run-up in the year 2021, the ADA price could rise to as high as $24 following the same trend. Also, going by historical performance, the crypto analyst reveals that this could happen sometime in the next 66 weeks. So it could lead up to 2025 before this rally is complete.

Being Bullish For ADA Above $20

Interestingly, the expectation for the ADA price to cross the $20 mark is not unique to Masoud alone. Another crypto analyst, @LucidCiC on X (formerly Twitter) also believes that this double-digit level is possible for ADA.

Lucid actually has an even higher price target for the altcoin compared to Masoud. Where Masoud sees the ADA price reaching $24, Lucid’s forecast goes as high as $30. Lucid compares Cardano to the Ethereum network which was able to reach a $500 billion market cap despite going through multiple hurdles. Given this, the analyst believes Cardano will also be able to rise as well while expecting the crypto market cap to cross $10 trillion in a decade.

Cardano is also seeing a good amount of interest from institutional investors. Grayscale Investments, the company behind the largest Bitcoin trust in the world, recently announced new crypto indices featuring ADA in response to this rising interest. If these large investors continue to double down on their investments, this newfound inflow could drive the price to the double-digit mark predicted by the analysts.

Cardano (ADA) price chart from Tradingview.com

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Will Cardano Replicate Solana’s Surge? Analyst Reveals Similarities For 80% Rise

Cardano (ADA) has returned to the radar of crypto investors after an interesting run brought its price up above $0.3. This price level has been elusive for a while but eventually, the bulls have gotten a hold of it. As the market faces an impending downturn, Cardano’s run-up could be threatened. However, one crypto analyst believes that ADA could have gone the way of Solana over the past few days.

Cardano Doing A Solana Run

In a TradingView post, crypto analyst Alan Santana revealed their expectations for the Cardano price. The initial post which was made on October 30 used the daily timeframe of the coin’s performance to figure out what could be ahead for it.

Santana points out that ADA continued to show bullish consolidation for the prior week which no doubt contributed to its rising prices. Eventually, the price did break out and ADA made a run for the $0.3 resistance and ended up beating it. But even this achievement is small fish compared to Solana’s 80% run.

The analyst pointed out that ADA did not retrace as expected by the bullish consolidation continued on the way up instead. Like with any consolidation in an asset, this helped Cardano to gather strength and momentum that could trigger a price pump.

Santana was proven right when ADA did eventually bear $0.3 and ran up as high as $0.31, after which came the update to the initial post. Here, the crypto analyst alludes to the correct market correction that brought Bitcoin back below $35,000 and noted that major altcoins will follow any retracement made by the market.

Cardano price chart from Tradingview.com

However, for Cardano, the analyst noted that it is moving in the same way that Solana did to hit a new yearly high. In the last few days, the SOL price moved independently of Bitcoin and Cardano is starting to do the same. While Bitcoin is down 1.94% in the last day, Cardano is seeing 5% gains in the same time frame.

If this breakout continues, then ADA could break away from the Bitcoin trend completely and form its own. Following Solana’s rise, such a rally would put ADA well on the path toward the $0.4 resistance. “When the market is set to continue straight up, while some pairs will retrace a little bit others will continue growing with force,” the analyst said.

Santana’s chart points to a possible rise to $0.35 at the top of the rally. This would mean an 80% rise in price from the initial price at the time the analysis was made. Thus, a very similar rally pattern to that of Solana.

ADA Investors Take The Lead

Cardano’s rise over the last few days has not gone unnoticed and a recent report from on-chain tracker Santiment has hinted at what could be the possible driver behind it. According to the post, ADA whale and address activity rose quickly and touched 32% in the last three weeks. This brought the on-chain activity to a new three-month high.

The price which seems to be hell-bent on pulling a Solana also rose 36% in a two-week period, making it one of the top winners during this time. A continuation of this on-chain activity trend will push the price further in the coming weeks.

Cardano ADA

However, with the price having risen so much, some level of profit-taking is expected. This would inadvertently lead to a price dip. But as long as demand stays up, it’ll only be a temporary setback.

Cardano ADA price chart from Tradingview.com

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Cardano Bearish Signal: Dormant ADA Whales Are On The Move

Cardano (ADA) may be turning bearish once more after whales began moving again. This activity was brought to light by the on-chain data tracker Santiment which showed unusual activity in dormant ADA wallets after the price crossed $0.3.

Cardano Sharks And Whale Start Moving Coins

In the report that was posted on X (formerly Twitter) by the on-chain data tracker, Cardano shark and whale addresses (that is addresses holding between 100,000 and 10 million ADA on their balances), as well as old coins, have been showing a lot of activity.

Most of this activity could be detrimental to the current ADA recovery given that these large holders have been moving their previously dormant coins. The Santiment report shows that old ADA coins are moving back into circulation once more.

Cardano ADA whales

It showed that the crypto just marked its largest day of old coins being moved around. The last time that this metric was this high, as pointed out by the tracker, was back in April 2022, and historical performance does not spell good news following this.

Cardano (ADA) price chart from Tradingview.com

What Happened To ADA Price Last Time?

Back in April 2022 when a similar volume of old coins began moving back into circulation, it spelled doom for the ADA price. Looking at the chart in 2022 shows that ADA had finished out the month of March strong at a price of $1.21. However, once these coins began moving, it was game over.

April 2022 saw the ADA price fall from $1.21 to $0.8 before the month was over, meaning a 33% drop in price. The downtrend would carry on into the later part of the year and by December 2022, the ADA price had fallen as low as $0.24.

If this were to repeat itself, then another 30% drop would send the ADA price below $0.1 in the coming month. This would take the price back to September 2020 levels. However, it is not all bad news for the digital asset given the activity of sharks and whales.

In the same report, Sentiment revealed that Cardano sharks and whales have been buying up ADA rapidly. They had bought a total of 43.71 million ADA in the space of two weeks, now worth more than $131 million at the current price. This suggests bearish sentiment is limited given that large addresses are still accumulating coins.

At this rate, whatever is being dumped on the open market by the dormant wallets will be picked up by the sharks and whales. As long as demand continues to match supply, then the sell-off could have next to a negligible effect on the price of ADA.

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Cardano Bearish Signal: Dormant ADA Whales Are On The Move

Cardano (ADA) may be turning bearish once more after whales began moving again. This activity was brought to light by the on-chain data tracker Santiment which showed unusual activity in dormant ADA wallets after the price crossed $0.3.

Cardano Sharks And Whale Start Moving Coins

In the report that was posted on X (formerly Twitter) by the on-chain data tracker, Cardano shark and whale addresses (that is addresses holding between 100,000 and 10 million ADA on their balances), as well as old coins, have been showing a lot of activity.

Most of this activity could be detrimental to the current ADA recovery given that these large holders have been moving their previously dormant coins. The Santiment report shows that old ADA coins are moving back into circulation once more.

Cardano ADA whales

It showed that the crypto just marked its largest day of old coins being moved around. The last time that this metric was this high, as pointed out by the tracker, was back in April 2022, and historical performance does not spell good news following this.

Cardano (ADA) price chart from Tradingview.com

What Happened To ADA Price Last Time?

Back in April 2022 when a similar volume of old coins began moving back into circulation, it spelled doom for the ADA price. Looking at the chart in 2022 shows that ADA had finished out the month of March strong at a price of $1.21. However, once these coins began moving, it was game over.

April 2022 saw the ADA price fall from $1.21 to $0.8 before the month was over, meaning a 33% drop in price. The downtrend would carry on into the later part of the year and by December 2022, the ADA price had fallen as low as $0.24.

If this were to repeat itself, then another 30% drop would send the ADA price below $0.1 in the coming month. This would take the price back to September 2020 levels. However, it is not all bad news for the digital asset given the activity of sharks and whales.

In the same report, Sentiment revealed that Cardano sharks and whales have been buying up ADA rapidly. They had bought a total of 43.71 million ADA in the space of two weeks, now worth more than $131 million at the current price. This suggests bearish sentiment is limited given that large addresses are still accumulating coins.

At this rate, whatever is being dumped on the open market by the dormant wallets will be picked up by the sharks and whales. As long as demand continues to match supply, then the sell-off could have next to a negligible effect on the price of ADA.

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Cardano Climbs TVL Ranks: 198% Yearly Surge Puts Network Among Top 15

Cardano (ADA), a Proof-of-Stake (PoS) Layer-1 (L1) smart contract network launched in 2017, experienced a largely quiet Q3 2023 in the overall crypto market. However, the network faced challenges with a decline in ADA’s price and revenue. 

Despite these setbacks, Cardano showcased growth in its treasury balance, stablecoin market cap, and Total Value Locked (TVL) ranking. Furthermore, the network’s infrastructure and connections to other ecosystems have paved the way for future decentralized finance (DeFi) sector developments.

Cardano Sees Decrease In Daily Active Addresses And Transactions

According to a recent report by Messari, ADA’s price declined for the second consecutive quarter, down 9.5% quarter-over-quarter (QoQ) to $0.25, in line with the overall crypto market’s 9.2% QoQ fall. 

The revenue generated from transaction fees also decreased by 29.9% QoQ, reflecting a decline in user urgency to transact during this period.

Cardano’s Treasury balance grew by 7.2% QoQ to 1.39 billion ADA. Although the treasury’s value in USD terms decreased by 3.0% QoQ due to ADA price depreciation, it demonstrated steady growth in ADA holdings. 

Currently, 20% of transaction fees contribute to the treasury, providing a potential funding source for future projects.

Cardano

Moreover, Cardano experienced a decline in daily active addresses for the third consecutive quarter, down 28.9% QoQ to 41,100. Average daily transactions also decreased by 12.2% QoQ. 

However, the ratio of transactions to active addresses indicated that while the number of active users decreased, those present were power users, suggesting high engagement within the network.

Average daily dapp transactions decreased by 14.7% QoQ, but overall, they increased by 40.0% YTD. Non-fungible token (NFT) transaction activity declined for the third consecutive quarter, while NFT trading volume increased, highlighting the growing value of Cardano NFTs.

Cardano’s TVL Demonstrates Stability Despite Market Challenges

Cardano’s TVL remained steady, declining only 0.1% QoQ. However, its TVL ranking among all networks improved from 21st to 15th during Q3, indicating relative growth compared to other ecosystems. 

Cardano

The launch of two new stablecoins, iUSD and DJED, significantly contributed to the overall TVL growth, as the stablecoin market cap increased by 16.3% QoQ.

Per the report, Cardano also made progress in interoperability and core infrastructure during Q3. Partnerships with networks like Wanchain and developments in state channels, on-chain governance, and sidechains demonstrate the network’s commitment to expanding its capabilities. 

Overall, Cardano’s Q3 2023 reflects a period of challenges and growth for the network. Despite declining ADA’s price and revenue, the treasury balance, stablecoin market cap, and TVL ranking showcased positive trends. 

The network’s infrastructure developments and connections to other ecosystems position it favorably for future advancements in the DeFi sector. As Cardano continues to address challenges and foster innovation, it remains a key player in the blockchain landscape.

ADA Price Soars By 17% In 30 Days

Despite the sideways movement and declines in various indicators of Cardano’s overall ecosystem, ADA has experienced a significant surge of 17% in the past 30 days. 

Currently, ADA is trading at $0.2983, continuing its upward trend recovery over the past weeks following a sharp decline since July 13 and a subsequent consolidation phase. 

Cardano

This consolidation phase led to a breakout of the previous four-month trend, which halted on October 19, triggering the recent surge in the token’s price. However, looking at the one-year timeframe, ADA’s value has seen a decline of 26%.

Featured image from Shutterstock, chart from TradingView.com 

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Crypto Analyst Lists Reasons Why Cardano (ADA) Will Not Do Well In The Bull Market

Many crypto analysts have a list of crypto tokens that they expect to make a run when the bull market returns. Sadly, Cardano (ADA) hasn’t made the list as crypto analyst Lady of Crypto has outlined five reasons why the crypto token will not perform well during that period.

Cardano’s Flaws Might Be ADA’s Downfall

In a video posted on her YouTube channel, the first reason she stated was that Cardano had a slow development pace and that it could not thrive in a fast-paced crypto industry. She alluded to the time when the blockchain network experienced a delay in the Vasil hard fork and other times when there have been network congestions and an increase in transaction fees. 

According to her, Cardano is going to continue to fall behind its competition until one day when the network becomes “insignificant.”

Secondly, Lady of Crypto mentioned that no one was using the Cardano blockchain. She used data from the crypto analytics platform DefiLlama to drive home her point. Her assertion was based on the daily active users, protocols built on the network, and network’s total value locked (TVL), of which Cardano ranked 13th, 30th, and 15th, respectively, at the time of her making the video. 

While these rankings might not be bad, she noted that it is bad for Cardano, which positions itself as one of the “blue-chip cryptos” as it suggests that it is underperforming. 

The third reason seemed to relate to her first reason, as she noted that Cardano was slow and expensive compared to its competitors. She noted that Cardano’s average transaction speed is 20 seconds, which is slower than other networks like Ethereum, Solana, Arbitrum, Polygon, and Avalanche. Transaction fees on the network are also expensive compared to those other networks.

Cardano (ADA) price chart from Tradingview.com

Cardano Is Overhyped

The Lady of Crypto went on to the fourth reason, where she stated that the network was overhyped, and although the adjective may be subjective, she doesn’t believe that applies in this case. 

She noted that Cardano has a partnership with McCann Dublin, a global advertising and marketing agency, which has helped to bring about this “manufactured hype” alongside the help of the network’s “cult following.” She suggested that all this hype was just talk, as there was no substance to back it up. 

The last reason is the fact that Cardano doesn’t seem to have any real-world adoption. Although the blockchain company has at different times announced partnerships with governments and institutions, the tangible results of these partnerships are non-existent.”

Despite her position on ADA, the Lady of Crypto, at different times, showed her respect for Cardano’s founder, Charles Hoskinson, and mentioned that she was down to have a chat with him where he rebuts her stance on the network’s ecosystem. 

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Cardano (ADA) Getting Ready To Explode: Analyst Presents 16,500% Blowout

Cardano (ADA) has been stuck in an accumulation zone for a couple of months now and has not seen the kind of run-up other large cryptocurrencies have experienced. This continued accumulation as well as trading in a very tight range could mean a very significant breakout when it finally happens and one crypto analyst has predicted an incredible surge along these lines.

Cardano Could See A 16,500% Surge

Tim Warren, one of the hosts of the Investing Broz show on Discord, took to X (formerly Twitter) to share a rather bullish Cardano chart. In the chart, Warren points out Cardano’s previous price performance which has been nothing short of phenomenal.

As the chart shows, the ADA price had fallen around 98% from its prior all-time high which it had hit in 2018. By 2020, ADA’s price was sitting as low as $0.018, but the imminent turnaround would take the entire market by surprise. ADA would go on to rally a total of 16,500% by the time it hit its new all-time high of $3.10 in 2021.

Cardano ADA 16,500% rally

Applying this historical performance to the current price level of ADA could suggest another such rally. Cardano’s price is currently sitting around 92% below its all-time high, which puts it close to the same level it was back in 2020.

If ADA sticks to this historical performance and does a repeat, a 16,500% surge from the current price level would put the digital asset’s price at $40 at its peak.

Cardano ADA price chart from Tradingview.com (16,500% surge)

The Value Proposition Of ADA

Responding to Warren’s post, another X user, Chris O chimes in with the value proposition of the digital asset. Chris, who is the founder of Ghost Fund DAO, a protocol on Cardano, explained that ADA’s previous 16,500% surge had happened without having support for smart contracts and decentralized finance (DeFi), among others. But now that the network supports this, the founder believes this could trigger a large rise.

Chris points to the presence of DeFi, a rising Total Value Locked (TVL), non-fungible tokens (NFTs), and sidechains which are now prominent on the network. He also points out the various protocols which have been launched on the network across these different sectors.

As Chris points out, ADA had done a “165x from bear bottom” without Cardano having support for all of the sectors listed above. So he believes that “A 25x – 40x is a very reasonable expectation. Drown out the noise.”

Related Reading: Meme Coins That Are Ripe For The Picking Following $3.2 Billion Crash

Chris referred to Warren’s chart as a “simple chart showing FUTURE opportunity.” However, if ADA were to make a repeat of its 2020-2021 rally, a 40x would only be the beginning for the digital asset.

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Cardano Whale Addresses Continue To Fall, What Does This Mean For ADA Price?

The ADA price has moved in tandem with the rest of the crypto market after a small rally but Cardano whales continue to threaten this positive price action. According to recent data, the balances of large ADA whales have continued to decline, suggesting that they may be selling off their substantial holdings.

Cardano Whale Balances See Large Drop

Over the last month, the balances of Cardano’s largest holders have been on a decline. This has occurred as the price of ADA has fallen but with each small recovery, these whales seem to be taking advantage of the market to sell at a profit.

The significant drop in balances over time has been noticed in the wallets holding between 1 million and 10 million ADA have fallen. This assertion is backed up by data from IntoTheBlock which shows a large decline in the holdings of these large holders.

Cardano ADA whales

Toward the end of September, addresses holding between 1 million and 10 million ADA held a total of 5.63 billion tokens. However, going into October, their balances began to drop by the millions. By October 15, their total balance was sitting at 5.41 billion, representing a drop of 220 million tokens.

At the same time that this was happening, larger whales holding between 10 million and 100 million ADA have been increasing their balances. Their holdings increased from 11.81 billion ADA to 12.26 billion ADA toward the end of September. It then saw a small reversal but in August, their holdings settled at 12.16 billion tokens, representing a 300 million increase.

This would suggest that while the 1 million to 10 million cohort had been selling, the 10 million and 100 million cohort had seized the opportunity to buy. This ended in a transfer of over 300 million ADA to these already massive whales, increasing their dominance in the market.

Cardano ADA price chart from Tradingview.com (Whales)

ADA Holders Plunge Further Into Losses

Amid the sell-offs from the 1 million to 10 million ADA cohort, Cardano holders continue to feel the impact of the bear market. Unlike the rest of the top 10 largest cryptocurrencies which have maintained a good profitability ratio, ADA has performed horribly.

Cardano ADA addresses in profit

According to data from IntoTheBlock, only 6% of the almost 4.5 million ADA holders are seeing profit. A whopping 4.09 million addresses are sitting in losses, accounting for 91.76% of the total holder base. In contrast, 2.06% (91,990) addresses are breaking even.

ADA is currently trading at $0.25, a 91.84% drop from its all-time high price of $3.10, according to Messari. However, it remains the 8th-largest cryptocurrency with a market cap of $8.88 billion.

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Factors That Suggest A Recovery For The ADA Price

Even with the Cardano network hitting seeing good metrics over the last month, the ADA price has remained rather stale in its performance. However, this trend might soon change for the digital asset as multiple developments have emerged that could fast-track its recovery.

Cardano Whales Go To Market

It is no secret that Cardano whales have often doubled down on their positions even at times when the digital asset has suffered from the bear trends. This has not changed, especially with the most recent dip in the ADA price, which sent the whales into a buying frenzy instead of dumping their holdings.

Earlier in the week, ADA fell as low as $0.2422, which is the second-lowest that the price has been this month but this did not deter believers in the coin. Instead, Cardano whales increased their activity, suggesting that they were scrambling to buy the digital asset at what is believed to be a low price.

Cardano ADA whales

Data from IntoTheBlock showed that these whales moved over $3 billion worth of ADA on Monday alone. While this doesn’t exactly serve as evidence for buying, the time frame in which this happened is what points toward accumulation.

The whales began to move these tokens not long after the price dip. Additionally, since then, the digital asset has been showing strength with the ADA price recovering and eventually beating the resistance at $0.245.

This continued show of strength on the part of the altcoin suggests that the whales had been buying the token rather than selling it. In this case, they expect the ADA price to continue to rise, and choose to add to their positions.

Cardano ADA price chart from Tradingview.com

ADA Price Could Be Poised For A Rally

Another interesting development on the Cardano network that could boost the ADA price is the rise in its active users. IntoTheBlock’s data showed a prominent jump in the daily active users that brought it up to over 42,500 addresses. This translates to a more than 60% increase from the prior figures.

Related Reading: Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy?

Now, the daily active addresses have begun to correct downward with the DeFi tracking website DeFiLlama showing a total of 31,846 active users in the past 24 hours. Nevertheless, this remains significant, surpassing the likes of Avalanche at 29,042 daily active users.

This surge in active addresses suggests rising interest in the Cardano network. Given that ADA is the token that powers the entire ecosystem, a rise in activity means more demand for the token as users need it to carry out transactions.

The ADA price has also been trading in a tight range for some time. So a bounce from there would see the token’s price retest the $0.26 resistance in no time.

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Cardano: Factors That Could Drive ADA Price As High As $12

The Cardano community has been one of the fastest-growing in the crypto space and this has shone a heavy spotlight on the ADA price. With expectations mounting already even amid the crypto winter, there are key factors that stakeholders believe could drive the altcoin’s price as high as $12.

ADA Price Could Reach $12

In the last bull market, the ADA price went on a tremendous rally that saw the coin rise from as low as $0.03 to as high as $3.10 at its peak. This price action cemented the token as one of the winners of the bull, and some investors believe that the coin could be poised for another repeat of this price action. One X (formerly Twitter) user has given some points as to why this could be the case.

In the post, the user points to the current state of interaction and sentiment in the crypto market right now, which they refer to as brutal. However, they do not believe that this will always be the way things will be. According to the user, a quick change in the interaction and sentiment would lead to a rapid price increase.

At this point, they believe that most investors will end up entering the asset at a much higher price of $3 and above. This would put it at its previous all-time high. However, it doesn’t end there. They put forward that at the end of the next bull market, the ADA price would be between $8 and $12.

As with any forecast, a timeframe is often asked and they responded that they expect this to happen in the second quarter of 2025. This would coincide with the current 4-year cycle that usually sees prices of cryptocurrencies topping out by Q2 and Q3.

Cardano ADA price chart from Tradingview.com

Cardano Is In Better Shape

A prominent Cardano influencer has also painted a bullish picture for the digital asset. @cardano_whale, an account that boasts over 137,000 followers on X, said in a tweet that the Cardano network is currently in better shape than it has ever been.

They urged investors who have been increasingly critical of the network to think if they are that way because they are projecting their emotions from the ADA price action onto the network itself. “If you’ve noticed yourself become increasingly negative about it over the last year or so, consider that you might just be projecting emotions from price action onto it,” the post read.

Although ADA has not seen the most impressive performance, it has not deterred bullish predictions from analysts. One analyst explained that ADA at $0.25 was a prime accumulation price and that the price of the digital asset could climb as high as $5.

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Is Cardano (ADA) The Worst Investment Of 2023? Here’s What The Data Says

Over the years, Cardano (ADA) has grown to be one of the most beloved cryptocurrencies, securing its spot as one of the top 10 largest cryptocurrencies by market cap in the process. However, while the Cardano network has grown tremendously, investors in its native ADA token have not been as lucky with profitability levels plummeting over the last two years.

How Many ADA Holders Are Seeing Profits?

Data from the on-chain tracking website IntoTheBlock shows that ADA might be the worst performer of the top 10 in terms of profitability. While the other assets in the top 10 have managed to maintain a reasonable profitability level for holders during the bear market, ADA has been in free fall.

As a result of this, the tracker shows that the percentage of ADA investors seeing any kind of profit at this time has fallen to 0%. An alarming 95% of holders are reported to be seeing losses while 4% are sitting in neutral territory, meaning the prices at which these tokens were last moved correlate with the current price of the altcoin.

Cardano ADA holders

To put this in perspective, Bitcoin, the largest cryptocurrency in the market, is sitting at 64% of holders in profit. Ethereum, the second-largest cryptocurrency, is at 52% of holders in profit. Dogecoin, which is one spot ahead of Cardano on the list, is at 41% of holders sitting in profit.

Mid to long-term traders also completely dominate the ADA holder base. According to IntoTheBlock, 39% of all holders have held their coins between 1-12 months, while 61% of all holders have held for more than one year.

Cardano Not Giving Up The Fight

Despite the low profitability of the coin, investors seem to be looking toward ADA’s current price level as a good entry. This is evident in the CoinShares Digital Asset Fund Flows Weekly report that showed that despite massive outflows from digital asset products, Cardano held strong. The altcoin was able to maintain its inflow trend with another $0.43 million flowing from institutional investors into the asset.

Crypto analysts are also very bullish on the coin’s potential. One analyst, Kara Szabo, predicted that the price of ADA would rise as high as $5 in the next bull market, saying that the altcoin is in a prime price range for accumulation.

Another analyst Hashtoshi, also said in an interview that he expects the altcoin to exceed its previous all-time high price marked in 2021. Hashtoshi attributes this expected rise to the network’s design and strong community backing the token.

Cardano ADA price chart from Tradingview.com

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Analysts Are Bullish On ADA But Price Keeps Tanking, What’s Going On?

One coin that analysts seem to still be bullish on is Cardano’s native token ADA. However, despite all of the faith that remains in the digital asset, the price continues to tank and has fallen below multiple important support levels.

Analyst Goes Deep On Cardano

In an interview hosted by Altcoin Daily, crypto analyst Hashoshi shares very bullish views on the Cardano network. He starts out by explaining that the design decisions being made by the Cardano network have been some of the better ones in the space. Going further, Hashoshi lauds the development rate of protocols on the blockchain as projects continue to build.

“Cardano’s done things almost completely different from the start,” the analyst said. “They’re in a good position right now, despite what people might believe, to make a resurgence if the conditions are correct,” he further added.

For the price of ADA, the analyst explains that with liquidity coming back into the crypto space, the price of the digital asset could reach above its previous all-time high of $3.10.  “The community is still strong… and I think then you see them outstrip that previous all-time high.”

Hashoshi is not the only analyst bullish on the price of ADA going forward. Another analyst Kara Szabo has predicted that the price of the digital asset could climb to $5. Szabo also bought $20,000 worth of ADA at the start of September, signaling the analyst’s conviction on the altcoin’s bullish performance going forward.

“My conservative price estimate for the next bull run is $5,” Szabo said on X. “I know some people will think this is low, but this is a 20x from the current price!! For a large market cap alt, this very well may be one of the best plays in crypto at the current price point.”

Cardano (ADA) price chart from Tradingview.com

But Why Is ADA Price Falling?

Despite the bullish sentiment that has enveloped the digital asset, the ADA price has continued to struggle in the market. The reason for this decline can be attributed to a significant amount of ADA being unstaked from smart contracts, causing the total staked ADA to slide downward.

Data from DeFi tracker DeFiLlama shows that the total tokens staked on the Cardano network dropped from above 777 million on September 2 to 733 million on September 11. This meant that over 43 million ADA were unstaked and likely made their way to the open market as these holders sold their stash.

Staked ADA falls

Such a large amount being dumped into the market in a period of low liquidity could see the altcoin continue to drop, especially if more ADA is unstaked to be sold in the open market.

However, ADA’s long-term outlook remains bullish as the Cardano network remains one of the networks with the most developments taking place. As developers flock to the network, investors are expected to follow.

At the time of writing, ADA is struggling at $0.24, down 2.33% in the last day and 5.10% in the last week.