Cardano (ADA), the seventh-largest digital asset by market capitalization, is poised to see significant gains if the momentum continues over the next several days. Analysts predict Cardano’s value may soon more than double as cryptocurrency traders wait for the altcoin season to arrive in the upcoming weeks.
The asset experienced a lot of stopovers within its downtrend channel from the previous year, so the Cardano positive attitude might be prolonged. As a result, hurried liquidations may become more common in the upcoming weeks amid increased volatility. Additionally, within the past 24 hours, the Cardano (ADA) market saw a liquidation of almost $1.2 million.
The expert believes that following a significant trendline fakeout, ADA Value may also be ready to continue its upward trend.
Analysts advise investors to set their stop loss at less than $0.331 to protect themselves from any potential losses.
The expert projects that ADA Value will reach $0.75 in the upcoming week, with potential targets of $1-1.50 at some point in the future.
Future of the Cardano (ADA) Market
With the introduction of its strong contract compatibility, the Cardano ecosystem has expanded significantly. In addition, the Cardano community supports several Web3 projects, including Djed stablecoins. Additionally, the SingularityNET (AGIX), which focuses on AI, discussed the possibility of debuting on the Cardano blockchain.
A research from the market intelligence platform Santiment indicates that ADA whales have increased their on-chain activity in the meantime. Santiment predicted that Cardano is about to decouple from the rest of the market as a result.
Strangely, Santiment revealed ADA on-chain information showing that whales own more than 32 billion combined goods. Notably, Cardano has a current circulating supply of 35,045,020,830 and a total supply of 45 billion, making whales the largest shareholder in the community.