Despite facing early struggles this year, Cardano (ADA) has recently gained momentum, experiencing a surge of over 130%. This growth is nearly as impressive as Bitcoin’s (BTC) performance during the same period. In the weekly charts, ADA has risen by 32.3%, and over the past month, it has seen an increase of more than 50%. Additionally, comparing its current value to that of last December, ADA has recorded an 88% surge.
Interestingly, Cardano’s (ADA) recent upward movement coincides with a decline in small wallets holding 1 to 10 ADA. According to analysis from Santiment, the decrease in addresses of this size may have contributed to the recent spike in ADA’s price. The firm suggests that a reduction in “addresses this size or smaller often indicates capitulation and a potential price turning point.”
However, the surge in ADA’s price may not have reached its peak. According to an analyst, Cardano (ADA) could be on the verge of another significant rally.
Cardano’s (ADA) Price Revolution
Crypto analyst Tyler Strejilevich suggests that Cardano (ADA) may be on the verge of a bullish upturn. Strejilevich highlights the imminent occurrence of a “bullish weekly cross,” a phenomenon not seen since June 2020. He points out that the last time this event took place, ADA witnessed a remarkable surge of “6,000% over the next 66 weeks.” Extrapolating from Strejilevich’s analysis, there is potential for Cardano (ADA) to reach $33 in the coming 16 months, potentially marking a new all-time high by 2024 or 2025.
However, this optimistic outlook contrasts with the projections from Changelly, which does not foresee such a bullish trend for ADA in 2024. Changelly anticipates a more conservative price of around $1.48 for ADA by the end of 2025. It’s worth noting that if the market experiences a bull run in 2024, as predicted by many, ADA might surge to new highs before the expected dates proposed by Changelly.