- Cardano continues its historic run.
- After successfully breaching $0.4, ADA has finally marked a new yearly high.
- ADA’s performance has reignited hopes of the token reaching $1.
For the majority of the year, Cardano’s has found itself ensnared in a persistent downtrend, struggling to print bullish candles. However, the tides have shifted dramatically this quarter, marking a historic turnround for ADA.
Having surged 125% this quarter, ADA is showing no signs of slowing down as it marks a new yearly high just before year-end, further sparking a frenzy among participants, kindling high hopes for the asset’s ascent to $1.
Cardano Raises Hopes
Cardano’s performance in recent months has been nothing short of remarkable. The asset has consistently printed bullish weekly candles over the past eight weeks, confidently breaking major sell walls and reaching crucial levels.
After successfully breaching $0.4 for the first time since April, ADA continued its rally to shoot past $0.5 and land at $0.57 in a single candle, registering an impressive 41% gain over the past week. This performance allowed Cardano to quietly clinch the ‘Best Performer’ title among the top 10 crypto projects, overshadowing even the historic runs of Bitcoin, Ethereum, and Solana.
Adding to its list of achievements, the effects from Cardano’s ascent also trickled down to growth in its DeFi sector. Traditionally lingering around the 16th spot, ADA’s breakthrough beyond $0.5 has propelled it into the top 10 ranks.
ADA’s rally from $0.4 to $0.5 added over $100 million to its DeFi Total Value Locked (TVL), bringing the total to $361 million. According to DeFiLlama, this surge has positioned Cardano at the ninth spot based on TVL, outpacing competitors like Bitcoin, Base, and Cronos.
Cardano’s recent performance aligns with the prevailing optimism and excitement in the market following Bitcoin’s ascent. Market participants and experts are becoming increasingly excited, predicting that the token is poised to reach $1 soon.
While it’s uncertain for how long this rally will go on, market participants are brimmed with joy as ADA moves with renewed aggression. The market is buzzing with excitement, and given ADA’s current bullish structure, the token appears poised to make an advance toward the liquidity range at $0.85 in the following weeks, bringing it close to the highly anticipated $1 price level.
On the Flipside
- Bitcoin’s quarterly growth currently stands at 66%, while Ethereum and Solana’s growth rates sit at 43% and 211% respectively.
- Market dynamics can be unpredictable, so it is essential to consider alternative perspectives and opinions when evaluating the potential future performance of ADA.
Why This Matters
Cardano has finally yielded positive results for its holders after a prolonged period of underwhelming price performances. With the recent shift in sentiment and market structure, Cardano and its investors can now look forward to a more favorable outlook, potentially achieving the $1 level.
Read the latest DailyCoin Regular:
DailyCoin Cardano Regular: ADA Hits Yearly High, Bests Top 10 Crypto Picks
Read more about Oasys’ new partnership:
Oasys Levels Up Blockchain Game Development in New Partnership