Cardano’s native cryptocurrency ADA has been making waves in the altcoin market rally of 2024. Currently trading at $0.7682 with a market cap of $27.2 billion, ADA has experienced a remarkable surge of 75% in just 41 days, starting from its low of $0.444. This surge has caught the attention of crypto analyst Ali Martinez, who predicts that ADA may be on the verge of a parabolic rally that could potentially take it to $10.
Martinez’s study suggests that ADA is following a pattern seen in previous market cycles. Comparing the consolidation stages of ADA in 2020 and 2023, Martinez projects a slight correction followed by a possible spike above $10, similar to the bull run in 2021. According to Martinez, ADA could trade at $9.7 after a goal rise of 2,084% from its low point in January 2024.
Recent data shows that ADA is currently trading at around $0.78, up 11% from the previous day. While ADA is still almost 75% below its peak of $3.10 reached in September 2021, this disparity suggests that there is ample room for growth in the coming months.
ADA’s strong fundamentals are also contributing to its positive growth prospects. There has been a notable increase in the volume of transactions, daily active addresses, and ADA whale transactions. This spike in activity indicates strong investor interest and network participation, which bodes well for long-term success.
Furthermore, ADA’s progress has been boosted by the addition of Ergo, a Cardano-compatible network that supports smart contract applications. The transfer of a significant number of Ergo (ERG) tokens to the Cardano network has significantly increased the price of ADA. This development aligns with the overall strength of the crypto market and reflects a growing interest in Cardano as a promising investment.
On-chain analytics also show that Cardano has gained significant popularity recently, with a notable increase in the number of new wallets. The Cardano network now has nearly 4.5 million wallets, demonstrating its growing popularity and reach. Additionally, the number of active daily addresses on the Cardano network has consistently exceeded 30,000 since the start of the year, peaking at 48,095 on March 2. This spike in active engagement indicates increased interest in ADA and raises the possibility of a surge in demand and a subsequent price increase.
In conclusion, Cardano’s ADA is showing signs of replicating a previous bullish cycle, with strong fundamentals, increased whale activity, and robust network engagement indicating positive growth prospects. With the potential for a 2000% surge to $10, ADA presents opportunities for investors in the altcoin market.