Will Cardano be the big winner among the top coins in the current bull run? The coin has been boring with its price action for some time – but blockchain researchers show that whales are currently buying ADA at record levels! Should you buy Cardano now?
Does Cardano have a future?
While Bitcoin is currently trying to find its way back to bullish momentum, something is apparently brewing behind the scenes at Cardano (ADA): As the blockchain researchers at Santiment show in a new analysis, major investors are rushing to buy the asset – and more violently than ever before! Santiment in the analysis:
🐳💥 #Cardano's whale transactions exceeding $100K in value has exploded to the highest amount since November 8th. These spikes in whale activity historically correlate with potential price reversals. $ADA's market cap has shrunk -43% since March 13th. https://t.co/alFMlZ9Kns pic.twitter.com/pN21IzS0ST
— Santiment (@santimentfeed) April 29, 2024
What the crypto scientists mean by this: ADA has lost a lot of ground in the last six weeks. The longer-term picture is also bearish, as ADA is -85.38% below the all-time high of 3.10 USD, which was reached in September 2021.
But what you should keep in mind is that in the past, the Cardano price has usually exploded when whales have bought intensively. This is what Santiment means by a “potential price reversal”.
Will it happen this time too? That is the great hope that ADA investors are now relying on. Walletinvestor.com, for example, also describes ADA as a “very good” long-term investment and predicts an increase to 0.987 USD. That corresponds to a doubling of the price. Gov.capital , on the other hand, also sees Cardano rising within the next 12 months and climbing to 0.92 USD.
ADA is currently trading at 0.45 USD after an increase of 0.41% in the last 24 hours. This is a glimmer of hope, as the balance sheet so far looks grim: ADA has lost -11.26% in the last seven days and -30.62% in the last month. At least: Compared to the past year, Cardano has gained +12.66%.
Will Cardano rise in 2024?
What investors should take into account, however, is that Cardano’s last all-time high was almost three years ago. The longer ADA fails to develop new momentum and generate profits for investors, the greater the risk of sell-offs.
Traders are convinced that Cardano must gain ground soon, otherwise long-term holders could lose patience and get out – with corresponding consequences for the ADA price. And that’s no wonder: While ADA is not making any progress, the competition has grown enormously in recent years, and memecoins are also attracting billions of dollars in capital.
Crypto exchanges with the lowest fees 2024
- CryptoQuant Analyst: Bitcoin Nowhere Near Its Peak – Buckle Up, Hodlers! - December 21, 2024
- Chainalysis: $2.2 Billion Lost to Crypto Hacks in 2024 - December 21, 2024
- Bank of Japan leaves interest rate unchanged: Impact on the macroeconomy and the crypto market - December 20, 2024
