TL;DR
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Popular analysts remain bullish on ADA, pointing to strong fundamentals, rising adoption, and other factors as signs of a potential rebound.
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Data shows ADA outflows from exchanges have significantly exceeded inflows lately, hinting at reduced selling pressure and a possible foundation for upward price movement.
Time for ADA to Shine Again?
The price of Cardano’s native token has plunged by around 9% on a weekly scale to the current $0.69 (per CoinGecko’s data). Despite the pullback, though, analysts and industry participants remain optimistic that a rebound could be on the way.
The X user Sssebi assumed that ADA is gearing up for a rally, claiming that “the bulls are strong and the buying pressure is growing.” Prior to that, the trader suggested that the asset’s recent drop to nearly $0.65 could have signaled a local bottom. “Let’s get above $0.70 now and back above $0.75,” they added.
Lucky chipped in, too. The analyst, who has over 2.2 million followers on X, described ADA as a “top 10 gem, primed for another move.”
This isn’t the first time Lucky has spoken favorably about ADA. Earlier this year, the analyst envisioned a price pump beyond $2, citing Cardano’s “strong fundamentals, rising adoption,” and growing ecosystem.
The X users, Henry and Ali Martinez, also gave their two cents recently. The former labeled ADA as the ocean: “calm, deep, and misunderstood.“ The analyst claimed that the token was “built to last,“ forecasting a surge to $3 sometime this year.
Martinez touched upon the matter in mid-May when ADA was worth around $0.78. He assumed that the price may hit $1 in case it breaks above the resistance level of $0.81.
The valuation briefly soared above that mark in the following days, only to head south shortly after. In fact, the last time the cryptocurrency traded beyond $1 was in early March this year.
Selling Pressure Goes Down
An essential element worth observing when trying to predict ADA’s future price dynamics is the asset’s exchange netflow. Data compiled by CoinGlass reveals that, in recent weeks, outflows have significantly outpaced inflows.
This trend suggests that investors may have transitioned from centralized exchanges to self-custody solutions, thereby reducing the immediate selling pressure.
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