- An analyst has predicted that ADA could see a significant surge to $7.1, marking a 10X rally from its current levels.
- Search interest on Google for ADA declined in March as major whales offloaded some of their holdings.
A Cardano [ADA] ecosystem insider shared an analyst’s projection suggesting that ADA is poised for a potential 10X rally. The analyst referenced historical patterns, particularly the bullish inverse head and shoulders formation, which had previously led to a significant rally in ADA’s price during the last cycle. If this projection holds true, ADA could reach a price target of either $2.9 or $7.1.
AMBCrypto recreated a log scale of the ADA dominance chart to provide a clearer visualization of this outlook.
Source: ADA dominance, TradingView
The formation on the chart indicates a potential 153% rally in ADA dominance. But are there other indicators supporting such a bullish outlook?
ADA Search Interest vs. Whales
Another analyst pointed out that searches for ‘Cardano price prediction’ on Google had surged over 170% in the last seven trading days, indicating a growing interest in the altcoin.
AMBCrypto observed a spike in weekly search interest; however, when adjusted on a 90-day timeframe, the correlation between ADA price and Google searches was more evident.
Source: ADA price vs. Google search interest
The chart shows that spikes in ‘Cardano price prediction’ searches aligned with price recoveries in January and March. However, the search trend declined later in March, reflecting ADA’s price action.
In simple terms, there might not be enough interest in the altcoin currently to drive ADA prices as the analyst suggested.
From the perspective of major players, the most dominant whale wallets were those holding between 10 million to 100 million ADA tokens. These whales collectively held 12.46 billion ADA, valued at $8.8 billion, and their movements had a significant impact on ADA’s price.
Source: Santiment
The price decline in ADA during March coincided with a sell-off by a major player, reducing their holdings from 12.74 billion to 12.46 billion tokens.
Monitoring this whale cohort closely could provide valuable insights into ADA’s future price movements.
Source: ADA/USDT, TradingView
Despite these factors, ADA remained in a tight consolidation phase between $0.70 and $0.77 in the latter half of March, with a breakout likely dependent on Bitcoin’s next price movement.
sentence in a different way.