- Cardano’s native cryptocurrency ADA has experienced a robust bullish momentum, reaching its highest levels since July.
- Analysts have put forth a wide range of long-term price predictions for ADA, ranging from a conservative 40 percent increase to an ambitious 10,000 percent surge.
Cardano’s native cryptocurrency ADA has registered a strong bullish momentum with 10 percent weekly gains and surging past $0.32. As the Cardano (ADA) price touches its highest levels since July, analysts have been predicting the long-term targets for ADA. The estimates vary from a conservative 40 percent to an ambitious 10,000 percent increase.
John Morgan, a well-known crypto analyst on Twitter, hints at the potential for a surge by more than 40 percent, attributing this to a recent increase in transaction volume. However, it’s Lucid, another crypto analyst, who has captured significant attention with a bolder prediction. Lucid boldly envisions ADA reaching an impressive $30 by 2033.
Lucid’s forecast is firmly rooted in his belief that global inflation will propel the total cryptocurrency market cap to an astounding $10 trillion over the next decade. He sees Cardano as uniquely positioned to benefit from this exponential growth, citing its robust development community as a key factor bolstering his optimistic outlook.
$ADA is going to $30!
Bitcoin proved to the whole world that a $1 Trillion market cap is attainable! Even Ethereum with all its issues hit $500 billion! With inflation the crypto market as a whole will be worth $10 Trillion within the decade! Cardano is going for the 100x!
— Lucid (@LucidCiC) October 31, 2023
While the idea of ADA reaching $30 may seem astonishing, given its current price, it implies a remarkable 10,000 percent surge. Nevertheless, it’s essential to acknowledge that the cryptocurrency market has experienced even more remarkable price fluctuations in the past.
Take Bitcoin (BTC), for instance, the foremost cryptocurrency by market capitalization. It skyrocketed to a record high of $69,000 in November 2021, marking an increase of over 100 times its value since early 2017.
Cardano’s Recent Price Surge
Various factors have been pinpointed as potential drivers of ADA’s recent upswing. Firstly, the broader cryptocurrency market has exhibited a bullish trajectory in recent weeks, undoubtedly influencing ADA’s price. Furthermore, Cardano’s incorporation of the Nami wallet into its ecosystem has lured new users, further enhancing its value.
On the other hand, Cardano also delivered a stellar performance during the third quarter. Cardano’s stablecoin value demonstrated impressive growth, with a 16 percent increase in the last quarter (QoQ) and a remarkable 461 percent surge in the Year-to-Date (YTD) period. Furthermore, the third quarter witnessed a substantial expansion in Cardano’s Decentralized Finance (DeFi) Total Value Locked (TVL), experiencing a remarkable 198 percent increase in QoQ.
According to on-chain data, the recent ADA price rally is well-supported by a substantial increase in blockchain activity and significant whale transactions. Renowned analytics platform Santiment highlighted Cardano’s impressive performance, with its market cap surging by 9 percent in the past 24 hours and a remarkable 36% increase over a two-week period. This bullish trend was foreshadowed by heightened on-chain activity, including increased $ADA address engagement and whale transactions reaching their highest levels in over three months.
