A bull run for the token could occur in early 2024, according to an analyst.price action has not been one to excite holders in recent times. In the last 30 days, ADA dropped by 12.97%. And this was followed by a decline in market cap. This period of underwhelming performance implies that ADA’s circulation was much lower than it was about four months back.Notwithstanding, data from Santiment showed that the number of wallets holding 100,000 ADA and more reached 25,294 over the last 16 months.
An instance like this suggests that the small wallets didn’t exactly have the conviction that ADA would be profitable in the short term. Like the retail cohort, traders in the derivatives market had the viewpoint that ADA would be bearish, as theshowed. The long/short ratio is a metric that represents the ratio of long positions to short positions.
A value above 1 indicates that the collective sentiment of traders is bullish. But when the long/short ratio is below 1, it means that traders have a bearish outlook. And that was the case with ADA.For the short term, derivate market participants were not the only ones who believed that ADA would continue