Cardano is recording increased price and network activity and has sparked bullish predictions about the coinโs future.
The price of Cardano (ADA) hit a new four-month high on Sunday, climbing to $0.348808. The surge is reportedly due to heavy activity from whale investors and decentralized finance (DeFi) in general.
According to CoinMarketCap data, Cardano is now trading higher at $0.353 after rising more than 4% in the last 24 hours and nearly 18% over 7 days. The network is seeing a significant increase in activity, according to data from on-chain data service Santiment.
Furthermore, Cardano transactions of more than $1 million hit 1,742 on Saturday, a new record since January 2022. Interestingly, this happened as the number of ADA daily active addresses fell. Santimentโs data indicates that Cardanoโs richest investors are buying more, while investors, in general, are holding out. Nevertheless, the price of Cardano, over the last month, has grown more than 30%
There is also an increase in DeFi activity on Cardanoโs network. According to data from DeFiLlama, the total value locked (TVL) hit $236.72 million. This is a 39% jump over 30 days and reflects an increase in utilization for the network among DeFi users. Particularly, some of Cardanoโs most popular DeFi projects, including Liqwid, Minswap, Optim Finance, and Indigo, have recorded significant increases in activity as well.
General Cardano transaction volume also climbed, hitting 332.08 million from 237.63 million. The transaction volume is a three-month high, which also adds to the bullish outlook for the price of ADA.
Cardano Price Predictions
Oneย prediction came from analyst John Morgan, who offered mixed scenarios about whether or not the Bulls will beat the Bears in November. The bearish scenario sees ADA succumbing to bad market news and fluctuations, dropping to a level of around $0.24. The neutral scenario is one where ADA trades at $0.29. Morgan then offered a bullish scenario where the asset surges to $0.41 due to a spike in TVL, as well as upgrades from parent company Input Output Global (IOG). Although ADA has not fulfilled the bullish scenario, recent events suggest that this is more likely than the neutral or bearish outlooks for the coin.
An analyst known as Lucid on X (formerly Twitter) has what is probably the most bullish ADA prediction. According to an Xย post, Lucid said Cardano will 100x, tying the coinโs potential bullishness to the general crypto market:
โ$ADA is going to $30! Bitcoin proved to the whole world that a $1 Trillion market cap is attainable! Even Ethereum with all its issues hit $500 billion! With inflation the crypto market as a whole will be worth $10 Trillion within the decade! Cardano is going for the 100x!โ
Interestingly, several members of the community disagreed with the prediction. Oneย post noted ADA would be โlucky to get to $3โ because itโs slowly becoming a โghost chainโ that is โimpossible to work withโ. Lucid respondedย with data that points to Cardano as Octoberโs top crypto project by developer activity.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
