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Could Cardano (ADA) Investors Experience a Significant Surge Similar to Solana in Early 2024? Analysts Forecast ADA May Hit $3
Cardano (ADA) may be on the brink of a significant rally similar to the one experienced by Solana (SOL) in early 2024, with analysts forecasting that the ADA price could soar to as much as $3 during this bull market.
Renowned technical analyst XForceGlobal remarked on X that Cardano’s current setup resembles the period when Solana established a bottom.
$ADA
Primary Macro Analysis#Cardano achieved an 18,000% increase in its previous bull run, but it also experienced one of the most substantial pullbacks during the bear market. The structure appears quite similar to when $SOL was forming a bottom for a 1-2 sequence. Wave 3 targets could be around $3. pic.twitter.com/KRKxcNEgX8— XForceGlobal (@XForceGlobal) August 23, 2024
XForceGlobal, referencing Elliot Wave theory, suggested that “wave 3” might lead to a price surge for ADA up to $3.
This would represent an impressive nearly-10x increase from its current price of approximately $0.35.
Other analysts express similar optimism. Dan Gambardello, founder of Crypto Capital Venture, posed the question, “what if Cardano achieves a 25x…?”.
What if Cardano does a 25x…? pic.twitter.com/3EYjfqHNv3
— Dan Gambardello (@cryptorecruitr) August 23, 2024
If Cardano is indeed mirroring Solana’s trajectory, such a scenario is quite feasible.
From its lows in late December 2022, around $8 per token, Solana experienced a remarkable 26x increase, reaching highs of $208 in March 2024.
In contrast, ADA has only risen about 60% from its 2022 lows. Earlier this year, when it surpassed $0.80, ADA had increased by less than 4x.
A lackluster adoption narrative has hindered ADA over the past year and a half.
While on-chain activity on Solana has surged in 2023/2024, ADA’s activity has remained subdued.
The Cardano blockchain currently has a total value locked in its smart contracts of roughly $200 million, according to DeFi Llama.
This figure is 25 times lower than the $5.081 billion in total value locked on Solana, also per DeFi Llama.
However, a significant update for ADA is on the horizon. Could this shift its trajectory?
Can Major Cardano Update Salvage the Underperforming Crypto?
Cardano is set to undergo its most substantial upgrade in over two years.
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The so-called “Chang Hard Fork” will introduce features such as Plutus V3 and on-chain governance.
The Cardano Foundation anticipates that this will improve the blockchain’s scalability and decentralization.
One analyst described the forthcoming upgrade, scheduled for September 1st, as a pivotal move toward achieving the blockchain’s vision of becoming a fully decentralized platform.
6/ Overall, the Chang hard fork is a crucial step in realizing Cardano’s vision of a fully decentralized blockchain platform
By transitioning to community-driven governance, Cardano becomes more attuned to user needs, fostering growth and sustainability
Source: @cointelegraph— Nio | Cardano DeFi Investment Tracker (@NioApp) August 22, 2024
Whether the upcoming upgrade will result in the much-needed growth of Cardano blockchain users remains uncertain.
If an influx of users does occur, it could mark the beginning of a turnaround for ADA.
ADA continues to be a cryptocurrency to monitor as 2024 unfolds.
Cardano Alternative to Consider
Cardano presents a wildcard opportunity. It could achieve 10x gains, but it may also lag behind cryptocurrencies with stronger adoption trends, such as Bitcoin, Ethereum, and Solana.
Investors might opt to focus on these leading coins instead, as they rank among the top cryptocurrencies to consider now.
Nonetheless, some investors with a higher risk appetite may wish to explore meme coin markets.
One promising avenue for significant returns in meme coins is participating in high-potential presales.
One new meme coin presale that analysts at Cryptonews.com are enthusiastic about is called Crypto All-Stars (STARS).
This innovative coin allows users to earn staking yields on their preferred meme coins.
Investors have already contributed $830,000 to the presale, with the price set to increase soon.
Cryptonews.com’s in-house analyst Chester elaborates in the video below on why he believes STARS has 100x potential.
Buy STARS Here
The post Will Cardano (ADA) Investors See a Huge Rally Like Solana in Early 2024? Analysts Predict ADA Could Reach $3 appeared first on Cryptonews.
