Cardano might have a 2,900% bull run, like it did after consolidating between 2018 and 2020, according to cryptocurrency analyst Ali.
Ali said that between 2018 and 2020, Cardano’s price had a period of stagnation. ADA prices fluctuated throughout this time between $0.10 and $0.028, and this pattern persisted for 665 days. After a protracted period of accumulation, a bull run of 2,985% began.
ADA looks to be stuck right now and has been for 329 days in the $0.46 to $0.24 range.
According on history and price activity, Ali thinks ADA may see a breakthrough around February 2024. The size of the price increase following this breakthrough is still uncertain, though.
According to a source, Dan Gambardello, the founder of Crypto Capital Venture and a Cardano supporter, thought that Cardano’s minimum all-time high would be $7.80 during the next bull cycle. This implies an almost 2,400% price increase over the current ADA rates.
If ADA decides to surge in the same way as its 2020–2021 rally did by recording 2,900% gains, it might at the very least hit $8.40.
At the time of writing, the price of ADA has decreased somewhat over the previous day to $0.29. Since reaching an all-time high of $3.10 on September 2, 2021, the cryptocurrency has decreased by 90.63%.
Cardano’s big addresses increased most in months
According to new statistics from on-chain analytics company Santiment, Cardano whales and sharks appear to be relatively unaffected by the subpar performance witnessed for ADA and the rest of the cryptocurrency market.
The number of Cardano addresses owning 100,000 ADA has increased to its highest level since April 2022, according to the on-chain analytics platform.
Regarding Cardano, whose market value has decreased 35% since peaking four months ago, traders are feeling pessimistic at the moment.
Considering that there are already 25,294 wallets holding 100,000 ADA, the most in 16 months, Santiment continues, the sharks and whales have not been deterred.
