Cardano Price Forecast – ADA Price Action Hints at 25% Pump
Cardano price flipped green on Monday, following in the footsteps of its bigger siblings – Bitcoin (BTC) and Ethereum. The smart contracts token has moved 1.85% in 24 hours, attracting $380 million in trading volume. Its short-term technical picture screams bullish – forecasting a 25% breakout.
Cardano price is trading 87.90% below its all-time high of $3.09, set in September 2021. While its value tanked immensely over the last year, holders of between 100 and 1,000 tokens now account for 1.15% of the network's circulating supply, up from 0.92%.
A similar growth pattern occurred among addresses with between 1,000 and 10,000 ADA tokens, growing by 0.59% to account for 4.95% of the total supply. In spite of this increase in demand, pressure has continued to mount intensely on Cardano.
ADA Supply Distribution
Retail holders mustn't lose sight of what lies ahead. In other words, the bear market rarely lasts forever. Moreover, much development often occurs when markets are dull and bloody.
For instance, Cardano recently hit a new milestone with the release of the Vasil hard fork. With this software upgrade, the IOHK (Input Output Hongkong) maintained blockchain tapped new scalability scales.
As recently reported, the founder of Cardano, Charles Hoskinson, highlighted that the Vasil hard fork focused on expanding the network's transaction capacity, which meant great improvements in its scalability features.
Cardano has also become a leader in the DeFi (decentralized finance) sector. Last year, the launch of its smart contracts feature saw it rise to rival established platforms like Ethereum, Solana (SOL) and the BSC (Binance Smart Chain).
The MVRV (market value realized value) places ADA in a buy zone with its recent pullback to
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