Cardano Potential 6000% Increase?

Cardano (ADA) encountered early struggles this year but has recently exhibited a surge in price momentum, climbing by over 130%. This growth closely rivals Bitcoin’s (BTC) performance within the same timeframe.

The token has notably increased by 32.3% in the weekly charts and has shown a steady uptick of over 50% over the previous month, marking an 88% surge since December of the previous year.

Of particular note is the surge in Cardano’s value occurring concurrently with a decline in small wallets containing 1 to 10 ADA. Santiment, a crypto analysis firm, suggests that this reduction in smaller addresses might have triggered the recent price spike. Typically, a decrease in addresses of this size indicates potential capitulation and could signify a turning point in price trends.

Analyst Tyler Strejilevich forecasts a bullish trajectory for Cardano (ADA). Strejilevich highlights that the token is on the verge of “a bullish weekly cross” for the first time since June 2020. Drawing from historical patterns, he recalls that the last instance of such a cross resulted in ADA surging “6,000% over the next 66 weeks.”

Based on Strejilevich’s predictions, Cardano (ADA) may potentially ascend to $33 within the forthcoming 16 months. This forecast raises the possibility of ADA achieving a new all-time high by 2024 or 2025.