Cardano’s ADA has seen a growth of roughly 59% on a year-to-date basis as it trades at $0.394350 at press time. The cryptocurrency dubbed “Ethereum Killer” may have already made big gains this year, but it appears just to be warming up.
Blockchain analytics platform Santiment believes that ADA could be gearing up for a face-melting pump. The analysts expect an over 36% rally if this scenario repeats itself.
Will History Repeat With A 36% ADA Rally?
ADA price can rise by nearly 40 per cent in the coming weeks, based on a technical indicator.
According to Santiment, the activity of ADA whales has increased dramatically since the start of 2023. The last time the number of ADA transactions above $100,000 were this high was in May, and the price of the token soared by over 36 percent in the span of weeks.
History doesn’t repeat in crypto markets, but it does rhyme. If this trend were to come to fruition, ADA, the eighth-largest cryptocurrency by market cap, could make a 36% pump over the coming weeks.
#Cardano whale numbers have risen in 2023, and large transactions have notably broken out. The last time there were this many $100k+ $ADA transactions was in May, & its price jumped +36% from the beginning of that week until its local top in early June. https://t.co/GTuBl9DKWA pic.twitter.com/9GSnMqlomB
— Santiment (@santimentfeed) February 7, 2023
Santiment’s data further shows that the number of addresses owning between 1 million and 100 million ADA tokens has grown by 36 since the beginning of the year. If the history of large transactions repeats itself, the ADA price will likely advance higher soon.
The expectation is quite possible, considering the cryptocurrency’s bullish fundamentals. Besides successfully launching the ecosystem’s overcollateralized stablecoin, Djed, Cardano network developers are currently working on an update to increase interoperability and cross-chain compatibility.
The confluence of these factors suggests ADA is likely to slaughter bears on its way to a nice +36% pump in the near term.
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