ADA, the native token of the Cardano blockchain, appears promising and is poised for significant upside momentum due to the current shift in market sentiment and price action. On January 6, 2024, a prominent crypto expert posted on X (formerly Twitter), making a bold prediction for ADA.
In a post, the expert highlighted that ADA is breaking out of a bullish pennant and could reach the $3 level in the future. This post on X gained widespread attention from crypto enthusiasts.
However, ADA hasn’t experienced any significant price changes in the past 24 hours and appears to be consolidating. It will be crucial to see whether the altcoin can reach the predicted target.
Currently, ADA is trading near $1.10 and has recorded a 1% price increase in the past 24 hours. However, during the same period, its trading volume rose by 5%, indicating a modest increase in investor and trader participation compared to the previous day.
Despite minimal price changes, traders appear to have increased their positions during the same period, as revealed by the on-chain analytics firm Coinglass. According to Coinglass data, ADA’s open interest (OI) has surged by 35%. In addition to traders, long-term holders have also demonstrated strong interest and confidence in the token.
Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of a significant $8.41 million worth of ADA, indicating recent accumulation by long-term holders. In the cryptocurrency landscape, such outflows have the potential to create buying pressure and drive further upside momentum.
According to expert technical analysis, ADA has been consolidating within a tight range of $1.04 to $1.11 for the past three days and appears poised for a breakout.
Based on recent price action, if ADA breaches this range and closes a daily candle above the $1.12 mark, there is a strong possibility it could soar by 46% to reach the $1.63 level in the future.
When combining all these on-chain metrics with the technical analysis, it appears that the bulls are back on track and could push the asset higher, overcoming any hurdles ADA may face during the rally.
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