11 May

A well-known cryptocurrency analyst named Javon Marks, active on the microblogging platform X (formerly Twitter), recently suggested that the price of Cardano's native token ($ADA) could experience a substantial surge of over 1,500% in the near term.

In a post shared with their nearly 40,000 followers, the analyst observed that Ada's price has made significant progress after breaking a resistance trend, surging more than 200% towards its initial target at $2.7709. They also noted a recent pullback, which could potentially strengthen Ada for further upward movement.

The analyst emphasized that if the breakout holds, Ada could witness additional upside potential of over 460% to reach its target. They also referenced historical data, suggesting that the cryptocurrency could potentially surpass the $7.8 mark, representing a remarkable rise of over 1,500%.

Another cryptocurrency analyst, known as Trend Rider on the microblogging platform, has suggested that the price of ADA is maintaining its support level. They believe that if this support level holds over the next one to two weeks, bearish pressure could diminish, potentially leading to a bounce in the cryptocurrency's price.

As of the time of writing, Cardano's native token Ada is trading at $0.45, experiencing a loss of over 2% in value over the last 24 hours and more than 23% over the last 30 days amid a broader correction in the cryptocurrency market.

Despite the market correction, the Cardano community has remained active in development, with the number of Plutus V2 smart contracts growing by over 1,000 in a single month. This growth occurred even as the cryptocurrency market experienced a downturn.

The number of smart contracts on Cardano exceeded 1,000 in January 2022 following the rollout of the Alonzo hard fork, which introduced smart contracts to the network. This development positioned Cardano to compete with other blockchain platforms such as BNB Chain, Ethereum, and Solana.

May 2024, Cryptoniteuae

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