Cardano Price Forecast: Will ADA surpass $1.5 in 2024?

• Major holders have accumulated 160 million Cardano (ADA) tokens after it fell to $0.91, signaling renewed confidence in the asset’s potential for recovery.
• Cryptocurrency analysts, including Michael van de Poppe, see the 40% correction as a key entry point for investors eyeing the next bullish rally.

After rising above $1.1 last week, Cardano (ADA) price has come under strong selling pressure amid widespread market selling. In the past 24 hours, ADA has bounced back after falling below $0.80 on Friday and is once again looking to break above $1.0.

After a 38% correction from its monthly peak at $1.30, Cardano is seeing renewed interest in whales once again. Cardano Whales (ADA) showed strategic moves in the market, making profits while the cryptocurrency rose from $1.15 to $1.33, but changed direction as the price fell to $0.91. According to cryptocurrency analyst Ali Martinez, top ADA holders have purchased an impressive 160 million ADA tokens since the drop, indicating renewed interest and confidence in the asset.

As of press time, ADA’s price is trading 6.09% higher at $0.95 with a market cap of $33.58 billion. Daily trading volume also increased by 29.8%, reaching $2.72 billion. According to Coinglass data, ADA open interest rose 11.79% to $700 million. Liquidations over 24 hours amounted to $4.49 million, including $2.23 million in short liquidations.

Renowned cryptocurrency analyst Michael van de Poppe highlighted a huge opportunity for investors as Cardano (ADA) is experiencing a sharp correction.

The altcoin has fallen 40% from its recent highs, and is now retesting higher time frame support levels. Van de Poppe pointed to this pullback as an important entry point for investors anticipating the next upward rally. “This is a prime example of waiting after FOMO has passed,” the analyst noted.

Cardano price forecast and key factors to consider

While cryptocurrency market analysts continue to remain bullish on Cardano (ADA), the altcoin must first cross $1 in order for the upside to be confirmed. On the downside, ADA should hold support at $0.90 on a daily closing basis to prevent further correction.

According to CoinCodex DataCardano’s one-month forecast is currently at $1.2 while the three-month forecast is $2.27. However, some on-chain data points to some alarming numbers for the ADA. Since the beginning of December, Cardano user engagement has declined significantly with the number of daily active users on the Cardano blockchain falling from 96,700 on December 3 to around 40,700 on December 18, according to data from Artemis.

However, Cardano’s parent organization Input Output Global shared an ambitious strategic agenda for the altcoin. This includes facilitating seamless communication between chains, enhancing scalability of the Ouroboros protocol stack, and developing an advanced identity and credentials layer. I mentioned Knf.

In a blog post dated December 18, Charles Hoskinson expressed his frustration with Cardano Foundation board members, noting that they are appointed by the Swiss government rather than the Cardano community. I mentioned Knf.