Cardano ($ADA) Price Could Surge Over 1,500% in Near Future, Analyst Says

A popular cryptocurrency analyst known as Javon Marks on the microblogging platform X (formerly known as Twitter), has recently suggested that the price of the native token of smart contract platform Cardano ($ADA) could surge over 1.500% in the near future.

In a post shared with their nearly 40.000 followers, the analyst noted that the price of Ada has showed “major progress since breaking the resisting trend” surging more than 200$ toward “its first target at $2.7709,” with a recent pullback potentially “streghtening them for even more climbing.”

The analyst added that if the breakout holds ADA could see a potential further upside of over 460% to reach its target. Adding that based on historical data it could go much higher, pointing to the $7.8 mark as a possibility. That mark would represent a rise of over 1.500% for the cryptocurrency.

Another cryptocurrency analyst, known as Trend Rider on the microblogging platform, said that the price of ADA is holding onto its support level and if it manages to do so over the next one to two weeks, bears will get tired and the cryptocurrency’s price could bounce.

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Cardano’s native token Ada is at the time of writing trading at $0.45 after losing over 2% of its value over the last 24-hour period and more than 23% over the last 30 days amid a wider cryptocurrency market correction.

Nevertheless the Cardano community has kept on building, with the number of its Plutus V2 smart contract growing by over 1,000 in a single month even as the cryptocurrency market corrected.

The number of smart contracts on Cardano surpassed 1,000 back in January 2022 after the price of ADA exploded with the rollout of the widely anticipated Alonzo hard fork, which brought smart contracts into the network, allowing it to compete with other blockchains such as the BNB Chain ($BNB), Ethereum ($ETH), and Solana ($SOL).

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/05/cardano-ada-price-could-surge-over-1500-in-near-future-analyst-says/