Analysts believe that crypto traders are actively buying ADA at discounted prices

According to Santiment, the number of Cardano wallets holding over 100,000 ADA has reached a 16-month high of about 25,000 addresses. Analysts say that the increase in the number of “whales” in the network is not associated with an increase in the value of the coin itself, since the asset price is now about 35% lower than in early 2023.

Also, over the past seven days, ADA capitalization has fallen by 10%, according to Coinmarketcap data. Probably, according to experts, crypto traders are taking advantage of the moment and are busy acquiring a digital asset at discounted prices.

Santiment notes that the increase in investor activity was recorded not only in Cardano. Cryptocurrencies such as Shiba Inu and Solana are currently actively traded.

Popular cryptocurrency analyst Ali Martinez recently opined that the price of Cardano could soon increase by more than 2900% if history repeats itself, as the previous periods of relative stability of the token were followed by a serious increase in the value of the cryptocurrency.

Now the same thing is happening — for almost a year, ADA does not go beyond the range of $0.24-$0.46. Therefore, according to the crypto expert, the probability of another parabolic spurt in the token rate is quite high.

At the end of June this year, the creator of Into The Cryptoverse, Benjamin Cowen, made an assumption that the price of Cardano could drop by more than 50% in the near future. The expert’s opinion is based on technical analysis data. He turned to the chart, which shows the predicted direction of the movement of the ADA price in relation to BTC.

According to Cowen, his forecast uses a model that shows the historical data on the market value of Cardano, starting in 2018. This information forms a trend line. Based on it, the cryptocurrency analyst stated that in the next 5–6 weeks, ADA is able to repeat the behavior that was observed in the third quarter of 2019.