ADA Jumps 15%: Analyst Foresees Further Gains

By Ben Knight February 19, 2024 In Cardano, Cryptocurrency
Source: Adobe Stock
  • Cardano has surged more than 15% on the back of overall market rally and strong fundamentals.
  • Crypto analyst and social media personality Ali_Charts believes that ADA could rise to as high as USD $8 as soon as January 2025.
  • Midnight and Plutus V3 are the two major upgrades that Cardano will see over the coming few months, set to significantly improve the ecosystem.

It’s been a tale of two halves for Cardano over the past 12 months. At first, things looked a little dicey for the popular DeFi project. Price movement of ADA had gone mostly sideways or down – while the coins around it posted solid gains – and a report from K33 supposedly demonstrated that the blockchain had minimal user activity. These potential negatives were quickly forgotten though, as a report from Santiment showed that Cardano was in fact the most active project based on developer activity. To make matters even more bullish, a Q4 2023 Messari report showed that ecosystem engagement for the network was up across the board. Whether it was just a case of the crypto community overreacting, or Cardano bears stoking the fires to get a reaction, one thing’s for sure: Cardano is back.

Cardano to 80 Cents? Crypto Analyst Thinks Yes

Cardano has been the best-performing crypto asset in the top ten through last week’s rally, gaining nearly 16%. The native coin, ADA, now sits at USD $0.62 (AUD $0.94), its highest point since 2022.   

Cardano ADA, 7-day chart, source: CoinMarketCap

Crypto analyst and trader @Ali_Charts on X (formerly Twitter) is a big fan of Cardano, and believes that the coin’s charts are signaling an impending bull run.

Source: @ali_charts/ YouTube

According to his interpretation of the long-term ADA graph, the coin will continue its rally to approximately USD $0.80 (AUD $1.22), before retracing to approximately its current price point. However, this will just be a consolidation phase, as Ali suggests that the next major breakout can result in Cardano hitting USD $8 (AUD $12.2) by the start of January 2025.


Blockchain Gearing Up for Big 2024

Charles Hoskinson, founder of Cardano and head of IOHK, sat down for his regular YouTube segment to discuss the most recent Messari report and what the future holds for his project. In general, Hoskinson was extremely pleased with how the blockchain ecosystem had progressed through 2023.

On a year-by-year basis we are growing. Is there transaction volume, is there depth growth, is there growth in TVL? Is there growth in governance and decentralisation of the system? Are the institutions getting stronger? Is there future planning…all those things are here”

Charles Hoskinson

A major focus of Cardano for the next 12 months will be acquiring or working on pre-existing partnerships to enhance interoperability and adoption among the Web3 world. The team is working to continue building partner chains which will, according to Hoskinson:

Allow us to have a huge diversity of different technologies that we get to bring in from a best-in-class framework.

Charles Hoskinson

The two major network upgrades include Midnight, a data-protection chain intended to improve security and zero-knowledge transactions, and Plutus v3, which will significantly enhance smart contract capabilities for developers.

Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

You may also like