With analysts expecting the ADA price to reach $3, will Cardano-ADA investors see a massive Solana-style rise at the start of 2024? – Source: Cryptonews
Cardano (ADA) may be on the verge of seeing a huge appreciation similar to what happened to Solana (SOL) in early 2024, with analysts expecting the ADA price to reach $3 during this bull-market period.
The renowned technical analyst who owns the XForceGlobal account on the X platform commented that the current technical data for Cardano looks similar to what was the case with the low formed by Solana on its chart at the time.
$ADA
Primary Macro Analysis#Cardano did an 18,000% run in its last bull run, but it also did one of the strongest pullbacks during the bear market. Structure looks very similar to when $SOL was creating a bottom as well for a 1-2 sequence. Wave 3 targets would be around $3. pic.twitter.com/KRKxcNEgX8
— XForceGlobal (@XForceGlobal) August 23, 2024
XForceGlobal predicted based on the Elliott wave theory that we could see the price of the ADA rise to $3 during the “third wave”, which would mean a massive rise of nearly 10 times its current levels of around $0.35.
This optimism was expressed by other analysts as well, with analyst Dan Gambardello, founder of Crypto Capital Venture, asking “what if Cardano made a 25-fold rise…?”.
What if Cardano does a 25x…? pic.twitter.com/3EYjfqHNv3
— Dan Gambardello (@cryptorecruitr) August 23, 2024
If Cardano were to follow in Solana’s footsteps, this rally would be very likely. The price of Solana jumped 26x to reach its highest level in March 2024 and at $208, up from a low of late December 2022 when it was only around $8.
In contrast, the price of Cardano (ADA) rose by only about 60% compared to its lowest level recorded in 2022, as the peak achieved earlier this year – when it reached more than $ 0.80 – represented a rise of less than 4 times.
The ADA has had adoptions over the past year and a half. While the Solana blockchain saw hectic activity during 2023/2024, the ADA remained on the sidelines of cryptocurrency activities.
On the other hand, the Cardano blockchain network has a reserved value in its smart contracts of about $200 million according to data from DeFi Llama, which is 25 times less than the total reserved value of $5.081 billion in the Solana blockchain, according to the same source. But could the impending significant update of the ADA change its fortunes?
Will the Big Cardano Update solve the problem of poor performance of the ADA coin?
The Cardano blockchain network is close to completing its biggest update in more than two years, and this so-called Chang Hard Fork update is expected to introduce features such as Plutus V3 and a governance feature on the blockchain. The Cardano project hopes this update will improve the scalability and decentralization of its blockchain.
One analyst described the highly anticipated update, scheduled for Sept. 1, as a crucial step to realizing Cardano’s vision of becoming a fully decentralized platform.
5/ Chang Hard Fork introduces Plutus V3 with updated reference script costs. Developers must prep for possible disruptions as Plutus V2 fees adjust.
That is why it is important to upgrade nodes for compatibility & check the Ref Script Cost Calculator by @InputOutputHK pic.twitter.com/FF8atzOs0I
— Nio | Cardano DeFi Investment Tracker (@NioApp) August 22, 2024
In any case, it remains unclear whether the upcoming update will lead to the hoped-for growth in the number of Cardano blockchain users. If this update succeeds in attracting more users to the blockchain, the ADA may be on a date with a completely new start, so this currency should remain the subject of interest and monitoring by investors over the coming days of 2024.
A worthwhile alternative to Cardano
In light of what we’ve seen, Cardano remains a high-risk card, with gains of up to 10x, but it may also lag far behind cryptocurrencies with better chances of adoption, such as Bitcoin, Ethereum, and Solana. Accordingly, investors may instead prefer to direct their money to these major currencies that rank best among cryptocurrencies to buy now.
However, some investors who want a bigger adventure may be thinking about the LME markets, as they offer one of the best ways to make huge gains by participating in high-potential meme IPOs.
One of the new meme IPOs of the project called Crypto All-Stars (STARS) has garnered a lot of interest from Cryptonews.com analysts. This innovative new currency allows users to earn returns in exchange for mortgaging their favorite meme coins.
The project has attracted $830,000 in investor funds so far during the IPO process, with the indication that the price of the coin will rise soon. In the following video, Cryptonews.com analyst Chester explains why he believes STARS holds the potential for 100-fold highs.
The post Analysts expect the price of the ADA to reach $3, will Cardano-ADA investors see a massive rise in value similar to Solana’s at the beginning of 2024? appeared first on Cryptonews Arabic.
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