The seventh largest digital asset by market capitalization, Cardano (ADA), is on the cusp of massive returns if the momentum sustains in the coming days. With cryptocurrency traders anticipating the altcoin season to materialize in the coming weeks, analysts forecast Cardano could more than double in price soon.
Nonetheless, the Cardano bullish stance could take a long since the asset had several stopovers during its last year’s downtrend channel. As a result, forced liquidations could increase in the coming weeks amid heightened volatility. Moreover, over $1.2 million was liquidated in the Cardano (ADA) market in the past 24 hours.
As per the analyst, after a key trendline fakeout, ADA Price may be poised for the continuation of growth. Analysts are recommending investors set their stop loss at sub $0.331 to protect against any potential losses.
The analyst is expecting ADA Price to hit $0.75 in the coming week with potential targets of $1-1.50 in the future.
Cardano (ADA) Market Outlook
The Cardano ecosystem has significantly grown with the launch of its smart contract compatibility. Moreover, the Cardano network hosts several Web3 projects, including Djed stablecoins. Additionally, the AI-focused SingularityNET (AGIX) mentioned the possibility of launching on the Cardano blockchain.
Meanwhile, a report by market intelligence platform Santiment indicates ADA whales have increased their on-chain activity. As a result, Santiment forecasted that Cardano is on the cusp of decoupling from the rest of the market.
Interestingly, Santiment shared ADA on-chain details that show whales collectively own more than 32 billion units. Notably, Cardano has a current circulating supply of 35,045,020,830 with a total supply of 45 billion, thus making whales the majority network shareholder.
