Cardano (ADA) has experienced a surge in price, with over 50% of ADA holders now holding profitable positions. Despite a recent 4.09% drop in price, ADA's market cap remains at $20.98 billion. The derivatives market for Cardano has slowed, with trading volume and open interest declining. However, the long/short ratios on exchanges suggest bullish sentiment among large investors. Institutional investors have made significant high-value transactions, and large holders now hold 29% of ADA's circulating supply. Cardano's correlation with Bitcoin is high, but there has been a small decrease in its Telegram membership, potentially indicating retail pullback. The recent bullish rally for Cardano shows potential for long-term growth, but the RSI indicates overbought conditions, suggesting a possible pullback or consolidation in the short term. A price prediction suggests mixed performance for Cardano in 2024, with an expected trading range of $0.328 to $0.549 in December. Overall, the outlook for Cardano remains cautiously optimistic.



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