Analyst Reveals When Cardano (ADA) Price Will Reach $8

9 months ago 2

ARTICLE AD BOX

Cardano’s ADA price performance has exhibited a relatively stagnant trend this year after a noticeable downward correction.

Still, ADA may experience a significant turnaround in its fortunes. Industry experts anticipate a potential price surge starting in April 2024.

ADA Price Prediction: $8 by January 2025

Ali Martinez, BeInCrypto’s Global Head of News, noted that ADA’s current price action mirrors its late 2020 run. During this period, ADA traded mostly sideways before a bull run that started in November 2020 and ended in August 2021 at a market value of $3.

Similarly, history may repeat itself with a prolonged consolidation phase that extends until April 2024 before a bull run that peaks at roughly $8 by January 2025. Such a bullish scenario implies an extraordinary surge of 1,797.67% in ADA’s price.

“Should the patterns align and Cardano mirrors its late 2020 price behavior, we can anticipate ADA to remain in a consolidation phase until April 2024, setting the stage for its next bull rally,” Martinez said.

Currently, ADA is trading around $0.50, reflecting a 3.14% decline in the past 24 hours and a 9.95% dip over the last month. Still, it remains the eighth-largest digital asset, with a market capitalization of $18 billion.

The Cardano Network Continues to Grow

Despite ADA’s modest price performance, ongoing developments within the Cardano blockchain showcase a resilient commitment to expanding its ecosystem. Indeed, the latest Cardano development report highlights 157 launched projects, with an additional 1,322 in active development.

Noteworthy is the remarkable progress in Plutus script development, a pivotal component facilitating smart contracts on the Cardano network. The current tally reveals 6,356 Plutus V1 scripts, while Plutus V2 scripts have surged to 18,821.

Simultaneously, Cardano’s infrastructure experienced continual reinforcement, marked by performance enhancements and incorporating novel features. For instance, the Voltaire phase, emphasizing decentralized governance, has recently made substantial strides.

“The education team is planning the second iteration of the Cardano developer training course in collaboration with the Africa Blockchain Center (ABC). They are also continuing to update further lessons of the Haskell Bootcamp course,” IOHK added.

Last month, BeInCrypto reported that Cardano leads the pack in developer activity among its blockchain counterparts.