Cardano (ADA) Price Bull Run Imminent? On-Chain Metric Spikes
TL;DR
- ADA’s price surged to $0.32, a 5% increase from the previous day and a 30% rise over two weeks, amidst a broader increase in activity by large investors.
- Transaction activity from ADA whales has increased by 32% in three weeks, suggesting significant interest from large-scale holders.
- Analyst predictions for ADA’s future vary, with one bullish forecast suggesting a potential increase to $30 due to global inflation, while another analyst expects a more conservative 43% price rise tied to transaction volume growth.
ADA Whales on the Move
Cardano’s native token – ADA – is among the few digital currencies that flash green today (November 3). Its price spiked above $0.32 (per CoinGecko’s data), representing a 5% increase compared to yesterday’s figures and a 30% rise on a two-week basis.
Its valuation spike coincided with an increased activity coming from large investors. According to Santiment, ADA address activity has jumped by 23% in the past three weeks, whereas ADA whale transactions have soared 32% for the same period.
#Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.… pic.twitter.com/IYBBk3ssf4
— Santiment (@santimentfeed) November 2, 2023
ADA Getting Ready for a 1,000% Explosion?
The token’s impressive recent performance has given analysts the opportunity to lay out optimistic price predictions. One such bullish bet came from the X (Twitter) user Lucid, who envisioned that ADA could skyrocket to the astonishing $30 in the future.
The analyst believes that global inflation might act as a catalyst for the cryptocurrency market and push its capitalization to $10 trillion within the decade, while Cardano’s coin could be among those leading the rally.
Others, like the X user John Morgan, suggested a more modest price increase for ADA. The analyst agreed with a research that estimated the asset’s valuation could spike by around 43% based on a rapid surge of transaction volume.
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