- Cardano (ADA) has impressed in the last 7 days by adding more than 10% and staging a breakout above $0.60 which sets up the altcoin for a mega bull run.
- Growth in the ecosystem has fueled the price rally with the network posting impressive gains on numerous fronts led by DeFi.
Cardano (ADA) is getting ready for a mega bull run based on its impressive network developments. Experts foresee Cardano (ADA) breaking out from current positions and recording a mega rally that ends with the altcoin reaching $8.
In the past couple of days, ADA has impressed on both price performance and network growth. At the time of press, ADA is trading at $0.58 after a drop of nearly 3%. On the weekly chart, the altcoin has gained more than 10% and momentarily climbed above $0.60 leading to projections it will climb to $0.80 in the near term.
With a market cap of a little over $20.8 billion, the Ethereum rival is ranked 9th on the cryptocurrency market. Although ADA has impressed in recent days, the altcoin has been outperformed by several coins, leading to its drop in rankings. Investors will be cautious to ensure that the altcoin does not drop from its esteemed top-ten position.
Ali Martinez suggests that the recent price reaction hints at an upcoming mega rally. The analyst believes that Cardano could have a 13x rally by January 2025. The analyst points to historical patterns with Cardano’s current consolidation phase mirrors its late 2020 behavior.
Projections are indicating a climb to $0.80 in the near term. Further down the road, the analyst foresees the token reaching $7, a new all-time high.
#Cardano‘s current consolidation phase mirrors its late 2020 behavior. If history repeats itself, we might see $ADA resuming its upward trend around April. This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7! pic.twitter.com/RuRA2EDMNP
— Ali (@ali_charts) January 19, 2024
If this prediction comes to pass, ADA will nearly double its all-time high of $3.09 reached in 2021. A technical analyst by the pseudo-name Trend Rider has shared a similar bullish outlook to Martinez.
The analyst anticipates a breakout noting that when the most critical moving averages last transitioned from red to green, $ADA’s value soared from $0.11 to $3.00. According to the analyst, this alignment represents a long-term trend and price structure bullish change.
Get ready for liftoff: $ADA is gearing up for a major breakout!
When the most critical moving averages last transitioned from red to green, $ADA‘s value soared from $0.11 to $3.00.
This alignment represents a long term trend and price structure bullish change .
EMA’s… pic.twitter.com/5StNgN4PFT
— Trend Rider (@TrendRidersTR) February 16, 2024
Supporting this bullish outlook is network growth. A weekly development report shared with the community reveals a productive week for the network.
Cardano’s latest weekly update brings encouraging news, showcasing progress on several fronts. Plutus V3 scripts are now live on SanchoNet, enabling more powerful smart contracts. Additionally, Node 8.8.0 further strengthens the network with performance improvements. The community shines with Catalyst Fund 11 funding awarded to impactful projects, and Cardano remains a top ecosystem for developer activity.
What truly stands out is the growing builder community. No longer reliant on a select few, Cardano fosters diverse independent contributors. IOHK’s collaboration with Hlabs on Plu-TS/Cardano typescript node exemplifies this collaborative spirit. With advancements, engagement, and a united community, Cardano’s future looks bright.
Furthermore, Messari’s report shows Cardano’s Total Value Locked (TVL) surged by 166% quarter-over-quarter (QoQ) and an impressive 693% year-over-year (YoY). The network has further experienced an impressive year-on-year growth of 673% in stablecoin value.
