- Cardano (ADA) hints at a potential rally of 2,985%, akin to its previous breakout.
- Sustained whale accumulation observed as holders of 100,000 ADA reach a 16-month high.
Cardano on the Cusp: Historical Patterns Signal Another Major Breakout
Cardano (ADA), the acclaimed blockchain platform, has held a consolidative stance, ranging between $0.24 and $0.46 over the last 329 days. This phase draws a striking parallel to ADA’s past behavior, specifically between 2018 and 2020. During that period, the token oscillated between $0.10 and $0.028 for a prolonged 665 days before soaring by an impressive 2,985%.
#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.
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
— Ali (@ali_charts) August 14, 2023
Ali Martinez, a notable market analyst, recently drew attention to this pattern. Drawing from Cardano’s historical data, he foresees a similar trajectory in the making. By extrapolating from ADA’s past behavior, it’s conceivable that if ADA retraces its steps, we could observe its price soar to around $8.95 by February 2024, marking another all-time high.
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Whale Activity Augments Bullish Outlook
A vital aspect bolstering this optimistic outlook is the pronounced whale activity around ADA. According to Santiment, a prominent data analytics platform, the count of addresses holding a minimum of 100,000 ADA has escalated to 25,294, a figure that hasn’t been seen in the past 16 months. This increased whale accumulation, even amid a market downtrend, suggests a strong bullish sentiment and a collective anticipation of a potential price surge.
🐳 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
Given the historical data and current market behavior, all signs hint at the immense potential ADA holds. However, as with all market predictions, external factors and global economic conditions can influence outcomes. For now, ADA’s past consolidation trends and whale accumulation present a compelling narrative of a prospective massive rally. Whether history repeats itself remains to be seen, but the stage looks set for Cardano’s next act in the crypto theatre.
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