TL;DR
Cardano’s native token – ADA – has been flying high lately, with its price tapping a 19-month high of $0.67 (per CoinGecko’s data) earlier this month. Despite the slight correction in the following days, many analysts believe the token remains in a bullish mode, expecting a rapid surge next year.
According to Dan Gambardello – Founder of Crypto Capital Venture – ADA could benefit from the upcoming Bitcoin Halving (scheduled for April 2024) and witness its valuation spiking to an all-time high of $11. He doubled down on his forecast a few days ago, claiming that the coin’s uptrend is “based on very simple data” and not on “hype.”
The popular X (Twitter) user Ali chipped in, too. They observed certain charts and previous consolidation levels to set a $10 price target to be potentially reached by the summer of 2024.
The most optimistic prediction came from the X user Tyler Strejilevich, who noted a particularly bullish weekly cross which ADA recently experienced.
“The last time this happened, it pumped 6,000% over the next 66 weeks,” the analyst stated.
Those curious to dive deeper into the matter could take a look at the ADA price predictions featured in our dedicated video below:
ADA’s evident price appreciation seems to have benefited numerous investors lately. According to IntoTheBlock data, 56% of those invested in the asset currently sit on paper profits. As CryptoPotato reported, that percentage was just 35% approximately two weeks ago.
In addition, total value locked on Cardano has surged to record levels, surpassing the $400 mark in the past several days.
