A popular cryptocurrency analyst has recently noted that the price of the native token of smart contract platform Cardano, $ADA, has been in a pattern that mirror its price behavior of late 2020, before the cryptocurrency entered a bull run that saw its price move to a $3 high.
In a post shared on the microblogging platform X (formerly known as Twitter), with his over 40,000 followers, analyst Ali Martinez noted that we can anticipate ADA will “remain in a consolidation phase until April 2024, setting the stage for its next bull rally.”
In 2021, Cardano witnessed a significant price surge amid a wider cryptocurrency market bull run, surging to the $2 mark before correcting to $1.12 by mid-2021. The cryptocurrency then kept on surging, to hit an all-time high near the $3 mark. Cardano’s price then started dropping amid a wider crypto bear market, and now trades at $0.5 per token.
Martinez added a price chart to the post suggesting ADA’s price could run up to the $8 mark by 2025, a new all-time high for the token if the analyst’s price prediction comes to fruition.
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As CryptoGlobe reported, Cardano has notably recently maintained its top stop in cryptocurrency development activity, outperforming other major digital assets including Bitcoin ($BTC) and Ethereum ($ETH).
That’s according to data from on-chain analytics firm Santiment, which noted that the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM) came in second and third place respectively. Notably, Optimism ($OP) came right after, ahead of other major digital assets.
The term “development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/02/crypto-analyst-predicts-cardano-ada-price-could-soon-surge-to-8/
