Although Cardano (ADA) struggled early in the year, the asset’s price has begun to gain momentum in the last few weeks. The token has surged by over 130%, almost as lucrative as Bitcoin’s (BTC) growth in the same time frame. Moreover, ADA is up 32.3% in the weekly charts and over 50% over the previous month. Also, the token has surged by 88% since last December.
Also Read: Cardano (ADA) Price Prediction: Mid-December 2023
One interesting point is that Cardano’s (ADA) latest surge comes amid an exodus of small wallets with 1 to 10 ADA. According to crypto analysis firm Santiment, the drop in small addresses may have fueled the latest price spike. The firm notes that a decrease in “addresses this size or smaller often indicates capitulation and a potential price turning point.“
However, ADA’s price surge might not be over just yet. According to an analyst, ADA might witness another massive rally.
Cardano (ADA) predicted to surge 6000%
According to crypto analyst Tyler Strejilevich, ADA could be in for a bullish turn. The analyst notes that the token is about to “get a bullish weekly cross for the first time since JUNE 2020.” According to Strejilevich, the last time this happened, ADA surged by “6,000% over the next 66 weeks.”
Also Read: Cardano ADA Forecasted to Reach $2: Here’s When
Going by Strejilevich’s estimates, Cardano (ADA) could surge to $33 in the next 16 months or so. Hence, might see a new all-time high for ADA by 2024 or 2025.
However, Changelly does not anticipate such a bullish outlook for ADA in 2024. The platform predicts that ADA might reach a price of around $1.48 by the end of 2025. However, if we enter a bull market in 2024, as many have predicted, we may see ADA surge to new highs before Changelly’s anticipated dates.