Cardano has been one of the worst hit cryptoccurrencies on the market since the bear market started in 2021.
The beating that ADA has taken so far is a relatively massive one, and it may even be hard to believe that this cryptocurrency used to be worth around $3.
CoinMarketCap data shows that Cardano is currently trading at less than $0.3.
And as far as beating go, the cryptocurrency has declined by more than 90% since september 2021. Or so CoinMarketCap calculates.
However, what isn't so glaring about ADA, is that it is doing pretty well under the hood. This chain, despite being a little less popular than it used to be, has about $177.64 million worth of TVL, and is on the rise from a year-to-date perspective.
What if someone told you ADA has more than an impressive TVL, and may even be headed towards a massive rally very soon.
Don't believe it?
Read on:
In a recent tweet from Santiment, the on-chain and market intelligence platform noted that ADA is becoming more and more poised for greater heights very soon.
As per the detail of the tweet, Santiment mentioned that the trader sentiment towards ADA is at some steep lows. This is evident from the cryptocurrency's decline over the last few years, and its apparent lack of popularity.
The cryptocurrency's market cap even sits at a litle over $10.1 billion – down by about 35% since its year-to-date peak four months ago.
However, Santiment also includes some interesting information in the tweet.
While everyone else appears to be showing less than positive sentiment towards ADA, the whales and sharks seem to know something we don't.
Santiment notes that there are now more than 25,000 wallets with more than 100,000 $ADA. Santiment says that this is the highest level of accumulation from the whales and sharks in a whole 16 months.
Why, we wonder, and the whales and sharks raking in so much $ADA?
Care to guess?
If anyone ever had a "buy the dip" strategy in mind, ADA would be a really good place to start from.
Remember how we mentioned Cardanos impressive TVL earlier?
According to a tweet posted on Monday from TapTools, ADA is doing very well in terms of the number of active addresses.
The Token, NFT, and Wallet Tracking Platform notes that ADA's number of active addresses has shot up by a whopping 53.36%, to hit 29,680 active addresses in the last 24 hours.
This metric is properly visualized by peak in the right half of the chart above.
According to another tweet from Cardano Yoda, Cardano's impressive growth in TVL is on the rise, not only in $ADA, but in USD and $ETH, all the way from 2022.
This growth of TVL, ADA Yoda says, is a "harbringer of success".
This is mentioning that ADA is growing in terms of DeFi protocols and its stablecoin market, despite regulatory scrutiny from the SEC because of worries about the network's compliance with US securities laws.
According to a new tweet from analyst and trading expert, Ali on twitter, sometime between 2018 and 2020, Cardano was stuck in a range between $0.10 and $0.028 for a whole 665 days.
However, the analyst observed that right after this accumulation phase, a massive bull run shot ADA straight up by 2,985% to its $3 ATH.
This pattern, Ali says, is appearing again.
The analyst went further to say that ADA appears to be stuck in a range between $0.46 and $0.24 (which is a valid observation).
However, he also mentions that if history is anything to go by, we may see ADA breaking free of this range, sometime around February 2024.
Patience, Ali says, is the key. And those who are willing to wait will be rewarded.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.