The price of Cardano (ADA) has experienced a significant surge, reaching a new four-month high at $0.348808 over the past weekend.
The increase in ADA’s value has been attributed to substantial activity by major investors and the growth of the decentralized finance sector.
According to CoinMarketCap data, Cardano is currently trading at $0.3552, following a gain of more than 4.36% in the last 24 hours and an increase of nearly 18% over the past seven days.
Additionally, Cardano’s network has seen a notable increase in activity, as indicated by data provided by the on-chain data analytics service Santiment.
An interesting observation is that, even as the number of daily active ADA addresses decreased, on Saturday, 1,742 Cardano transactions exceeding $1 million were recorded, marking a new record since January 2022.
This suggests that Cardano’s most significant investors are accumulating more ADA, while the majority of investors are choosing to remain on the sidelines. Despite this trend, Cardano’s price has surged by over 30% in the last month.
In addition to investor activity, Cardano has seen growth in the decentralized finance sector.
According to DeFiLlama data, the total value locked (TVL) in Cardano’s network has reached $236.72 million, reflecting a 39% increase in the last 30 days.
This indicates increased usage of the network by DeFi users. Several popular projects on Cardano, including Liqwid, Minswap, Optim Finance, and Indigo, have also seen significant increases in their activity.
The overall transaction volume of Cardano has increased significantly, rising from 237.63 million to 332.08 million.
This transaction volume marks a three-month high, reinforcing the bullish outlook for ADA’s price.
What Can We Expect From Cardano
Price predictions for Cardano vary, with some analysts offering bullish, bearish, and neutral scenarios.
Some very optimistic individuals believe that ADA could multiply its price by one hundred and reach $30.
This is what the analyst Lucid would have said in a post made through his X (formerly Twitter) account, where he received various criticisms.
$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!👻🔱
— Lucid (@LucidCiC) October 31, 2023
In the post, other users asserted that, at best, it will touch $3, as they believe it has become impossible to work with ADA, and this is gradually turning it into a ghost chain.
And finally, the more neutral ones prefer to take a more cautious stance and point out challenges in the development of the network.