- Cardano’s (ADA) historical data hints at a massive potential rally, reminiscent of its 2,985% breakout between 2018 and 2020.
- On-chain data reveals a surge in the number of Cardano’s big addresses, suggesting continued interest from ‘whales’.
In a recent spark of enthusiasm, Finbold news, as well as crypto influencers, have ignited discussions surrounding the future of Cardano’s (ADA) price. Echoing this sentiment, Ali Martinez (@Ali_charts) tweeted:
— Ali (@ali_charts) August 14, 2023
Cardano, which has been hovering around the $0.30 mark, has had intermittent surges past this price, only to revert back. Drawing parallels, Martinez noted that from 2018 to 2020, ADA showed a similar trading pattern, oscillating between $0.10 and $0.028 for an extended 665 days, before exploding with a 2,985% gain. This historical data forms the backbone of Martinez’s prediction that ADA, currently in a similar accumulation phase, is preparing for another significant rally.
Understanding ADA’s Performance
Despite ADA’s current position at $0.29, without much movement over the past day, its year-to-date growth is a commendable 16.5%. This comes amidst the wider crypto market’s comeback.
However, on a concerning note, ADA suffered a 17% decline over the past month, eroding $1.6 billion from its market cap.
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Binance’s Upcoming Move
Adding to ADA’s current events, Binance, the world’s premier crypto exchange, announced plans to delist ADA and MATIC perpetual contracts on August 17. This decision follows recent lawsuits by the US Securities and Exchange Commission (SEC), which classified these cryptocurrencies as securities.
Whales Keeping the Faith in ADA
Despite ADA’s lukewarm performance in recent times, big players in the crypto space, often referred to as ‘whales’, have demonstrated their unwavering faith. Santiment, an on-chain analytics firm, revealed this trend, with a tweet emphasizing:
🐳 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
This surge in interest from major holders, against the backdrop of ADA’s diminishing market cap, showcases the underlying confidence in Cardano’s future potential.
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