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From $0.58 to $12 Cardano Price? Why One Analyst Believes ADA Could Replicate Its 2021 Parabolic Rally
In a stunning turn of events, Cardano (ADA) has been making headlines with its recent resurgence in the cryptocurrency market. The digital asset has seen an impressive six percent growth in the past seven days, leaving many wondering if this is just a short-term blip or the beginning of something much bigger.
One analyst believes that ADA could be on the cusp of another parabolic rally similar to what we saw in 2021. According to data from popular crypto analytics firm Santiment, ADA whales and sharks have been consistently accumulating since late November 2023, adding over 1.41 billion coins to their wallets and increasing their holdings by a staggering 2.35% of the entire supply.
This accumulation has led to an impressive 107% price surge since the start of this cycle. But what about the future? Can we expect another massive run-up in ADA’s value?
As it turns out, popular crypto analyst Ali Martinez believes that history is indeed repeating itself. In his latest analysis, he points out several key similarities between the current market conditions and those seen during ADA’s 2020-2021 bull cycle.
ADA founder Charles Hoskinson also weighed in on the matter, highlighting the potential for liquidity to rotate back towards blue-chip assets like Cardano, Ethereum, and XRP. “It’s institution-led,” he emphasized. “Give it another six to twelve months, we’ll see a bull market probably when the stablecoin bill passes.”
When asked about the potential timeline for this predicted move, Hoskinson hinted that the U.S. government could be on the cusp of introducing foundational crypto legislation within the next 90-120 days. According to his forecast, the government’s involvement will pave the way for a stronger framework for crypto businesses, potentially allowing institutions to pour capital into these assets.
Moreover, he shared his thoughts on the possibility that Senator Lummis and President Trump might begin acquiring other assets like ADA, which could further fuel its price action.
As of the time of writing, ADA is trading at $0.58, with a mere 0.24% drop over the past day.
Source: zycrypto.com
