Cardano Set for Explosive Rally with Game-Changing Upgrades

After months of hovering below $1, Cardano (ADA) could be set for a significant rise, according to a cryptocurrency analyst.

The decentralized finance (DeFi) token has shown recent positive movement, prompting predictions of a massive surge.

Analyst Alan Santana shared his opinion on TradingView, predicting that ADA could potentially see a 2,222% increase, reaching new record highs by 2025. Santana pointed out that after hitting its peak in 2021, Cardano went through a lengthy downtrend, followed by a period of stabilization throughout 2023. This consolidation phase has now set the stage for what could be a substantial breakout.

Santana sees the current minor price correction as a necessary step within a larger bullish trend, paving the way for a significant upward movement. He believes that this initial breakout could be just the beginning of a larger bull market that might push ADA’s price to around $8.50.

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While he identifies key resistance points at $1 and $1.6, where traders might reconsider their positions, Santana suggests that if ADA achieves this price target, its market cap could approach $300 billion, nearing Ethereum’s (ETH) market size, assuming ETH remains relatively unchanged.

However, despite the potential for growth, ADA continues to face challenges in reclaiming a spot among the top ten cryptocurrencies by market cap. Competition from faster, more cost-efficient Layer 2 solutions like Arbitrum and Optimism has shifted developer and user focus away from Cardano.

Looking ahead, Cardano’s trajectory also depends on ongoing network developments. The ADA token is gaining traction following news of the upcoming Chang Hardfork upgrade, scheduled for August 27th, which could introduce new governance features and further bolster the platform’s appeal.

Alexander Stefanov