Crypto analyst Ali believes Cardano has the potential to pull off a 2,900% bull run, as it did after consolidating between 2018 and 2020.
Ali remarked that the price of Cardano saw a period of stagnation between 2018 and 2020. This period saw ADA prices oscillate between $0.10 and $0.028, a trend that lasted for 665 days. Following this long accumulation phase, a 2,985% bull run took off.
#Cardano | Between 2018 and 2020, $ADA oscillated between $0.10 and $0.028 for 665 days. Then? A whopping 2,985% bull run took off after this long accumulation phase.— Ali (@ali_charts) August 14, 2023
Fast forward to now, $ADA seems trapped in the $0.46 to $0.24 range, already for 329 days. If history and price… pic.twitter.com/tvzf7VMIsk
At the moment, ADA appears to be stuck around the $0.46 to $0.24 range, as it has been for 329 days.
If history and price action are any indications, Ali believes ADA might see a breakout around Feb. 2024. However, the magnitude of the price surge after this breakout remains an open question.
As reported, Cardano enthusiast and Crypto Capital Venture founder Dan Gambardello predicted that the minimum all-time high for Cardano in the next bull cycle might be $7.80. When compared to the current ADA pricing, this represents an almost 2,400% increase.
If ADA decides to rally in the manner of its 2020-2021 rally by notching 2,900% gains, it might reach $8.40 at the very least.
At the time of writing, ADA was marginally down in the last 24 hours to $0.29. The cryptocurrency is now down 90.63% from its all-time high of $3.10 attained on Sept. 2, 2021.
Cardano's big addresses increased most in months
Despite the lackluster performance seen for ADA and the rest of the crypto market, Cardano whales and sharks seem relatively undeterred, per recent data from on-chain analytics firm Santiment.
🐳 Trader sentiment toward #Cardano continues to be low as its market cap is down 35% since topping 4 months ago. However, the sharks & whales haven't been as deterred as one may think. There are now 25,294 wallets with 100K+ $ADA, the most in 16 months. https://t.co/Q5XKveRh5n pic.twitter.com/D0dcfM6LAy— Santiment (@santimentfeed) August 14, 2023
According to the on-chain analytics platform, Cardano's number of addresses holding 100,000 ADA has returned to its highest level since April 2022.
This is amid low trader sentiment about Cardano, whose market cap has dropped 35% since peaking four months ago.
Santiment adds that the sharks and whales have not been deterred since there are now 25,294 wallets containing 100,000 ADA, the most in 16 months.