Cardano whales are going crazy buying ADA as experts predict a skyrocketing $4 ADA price in 2024.
On January 4, cryptocurrency analyst Ali Martinez reported that Cardano whales had acquired over 14 million ADA tokens in the past two weeks. This is worth about $8.4 million at current exchange rates.
Such significant purchases by high-net-worth investors are usually interpreted as a bullish signal for the price of a particular cryptocurrency. Even as Cardano fell nearly 20% this week to $0.50, a pessimistic report on its potential sent Bitcoin down 10%. US spot ETF approved
In the last two weeks, #Cardano whales have purchased over $14M ADA worth approximately $8.4M! pic.twitter.com/Jq6b66NLGI — Ali (@ali_charts) January 4, 2024
However, as of this note, ADA is trading at $0.527, up 14% from yesterday’s low.
Ali predicts ADA price increase in 2024
Cardano, one of the most innovative smart contract platforms competing with Ethereum, has seen mixed performance in recent months amid significant volatility, influenced by Bitcoin’s decline and the U.S. Securities and Exchange Commission’s assertion that ADA is a security. .
Nonetheless, Input Output Global (IOG), the company responsible for developing Cardano’s ecosystem, has repeatedly argued that the SEC erred, emphasizing that ADA is not and has never been a security under U.S. law.
Despite IOG’s less optimistic comments on ADA, Ali Martinez maintained his prediction that ADA’s price will be in a consolidation phase that is expected to last until mid-July 2024.
What is your price target for $ADA this bull cycle? — Jefe (@Mr_humble87) January 4, 2024
According to Martinez’s share chart, once ADA exits this consolidation phase, the price should target around $4, marking a whopping 600% increase.
Analysts suggest a breakthrough
As ZyCrypto recently reported, analyst LuckSide noted that ADA is at a critical juncture: either it breaks resistance at $0.67 and rises above $0.70 (a price it hasn’t reached in the past 17 months), or it falls back to $0.40. January 3rd.
Likewise, analyst Dan Gambriello predicts a potential rise for ADA above $0.80 if it breaks its current symmetrical triangle pattern.
Currently, Charles Hoskinson’s project coin is trading 81% below its historical high reached in August 2021. Can ADA break its decline and return to its glory days?
