This month, the cryptocurrency community has set a bullish price target for smart contract platform Cardano ($ADA), presumably in response to the network’s growing adoption.
The average of nearly 3,400 cryptocurrency community members estimates the smart contract platform’s price trading at $0.495 by the end of January, representing a 94.6% increase from $ADA’s current $0.254 level.
The cryptocurrency community appears to be becoming more bearish on the cryptocurrency as time passes, with estimates for the end of May at $0.3, representing a 20% increase for the smart contract platform.
It’s important to note that the cryptocurrency community’s predictions may never come true. According to the platform, the community’s historical accuracy is slightly higher than 41%, with recent data indicating that it was around 60% in September and October 2022, with a peak of 6.8% in December.
According to CryptoGlobe, $ADA could be “severely undervalued,” as on-chain analysis indicates a bullish outlook for the cryptocurrency, which could lead to a price increase.
According to Santiment, an on-chain analytics firm, $ADA hark and whale addresses – those holding between 100,000 and 10 million tokens – have been aggressively accumulating over the last six weeks, despite the cryptocurrency’s price continuing to fall.
According to CryptoCompare’s latest Asset Report, following the collapse of FTX, there was a rising trend in users moving their assets away from centralised cryptocurrency platforms and toward decentralised solutions and self-custody.
According to CryptoCompare, the move resulted in an increase in average daily active users on the smart contract platform. Cardano’s daily active users increased 15.6% to 75,800 last month, the highest number since May.
Similarly, monthly transactions on the Cardano network increased by 5.34% to 2.32 million last month, the highest volume since April.
When Santiment’s analyst examined realised gains and losses, he noticed that there are signs that sellers are becoming depleted, as “with every significant drop in price, there are fewer and fewer coins being sold at a loss.”
