Main navigation

Cardano (ADA) May Rally 40% If This Scenario Repeats Itself

Wed, 02/08/2023 - 11:44
article image
Gamza Khanzadaev
Here's what may trigger Cardano's (ADA) next big price surge
Cardano (ADA) May Rally 40% If This Scenario Repeats Itself
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

As reported by crypto analytics portal Santiment, the activity of large investors, referred to in the community as whales, related to Cardano (ADA) has increased significantly since the beginning of 2023. In fact, the number of transactions above $100,000 with ADA is so high that after the last time such a thing was seen, the price of Cardano's native token rose by almost 40% within weeks.

Digging deeper into the data, the number of addresses holding between 1 million and 100 million ADA has increased by 36 since the start of the year. The price of the token reacted accordingly, showing an increase of 59% in just over a month. Now, the scenario is unfolding in such a way that the price of Cardano's native token could double from the beginning of the year, if the history with large transactions repeats itself.

Related
Cardano (ADA) Hodling Strategy Shared by Crypto Influencer Lark Davis: Details

Cardano (ADA) price action

ADA is currently trading at $0.4, having failed after a series of attempts to move beyond this resistance level. At the same time, however, the price of the Cardano token is not in a hurry to fall as it usually does after unsuccessful resistance assaults, which leaves the chance for a continuation of the positive trend.

Related
Cardano (ADA) Hodling Strategy Shared by Crypto Influencer Lark Davis: Details

In addition to the technical reasons, there are also fundamental ones. Thus, in the coming weeks, the Cardano ecosystem is expected to see an update aimed at increasing interoperability and cross-chain compatibility.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.