Cardano ADA/USD gained 4.4%, pushing its price beyond the psychological mark of $0.60, prompting analysts to anticipate a breakout in the future.
What Happened: According to a Messari report titled, “State of Cardano Q4 2023," the token’s total value locked (TVL) reported a 166% quarter-over-quarter and 693% year-over-year growth.
Cardano ranks 11th for TVL, up from 34th position at the beginning of 2023. The number of average daily transactions increased by 10.9% compared to the previous quarter.
The ratio of transactions to active addresses also increased by 9.2% sequentially and 45% from the prior year, indicating higher average activity per user amid the introduction and development of various protocols throughout 2023.
In a recent interview with Discover Crypto, a YouTube channel boasting 1.4 million subscribers, Charles Hoskinson, co-founder of Cardano, highlighted two bullish factors: liquid staking and its growth without venture capital funding.
Why It Matters: IntoTheBlock data showed around 67% of holders have been holding Cardano for more than a year, while 28% have held onto it for a period of one to 12 months, indicating strong belief in the ecosystem.
Crypto chart analyst Ali Martinez forecasts a rise to $0.80:
The #Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating $ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! pic.twitter.com/HuVAxFEg9Y
— Ali (@ali_charts) February 15, 2024
In a similar optimistic fashion, chart analyst Trend Rider sees Cardano “on the brink of an explosive rally:”
🚨 $ADA is on the brink of an explosive rally.
— Trend Rider (@TrendRidersTR) February 15, 2024
This marks the first time since 2020 that my favorite long-term indicator, the money flow oscillator, has turned bullish.
It's worth noting that when this last happened, ADA was only at $0.03.
Months ago, using this same… pic.twitter.com/Xo4phyd4lA
One technical analyst noted a successful breakout from $0.60 can take the price to $0.67 and beyond. Another X user chipped in, saying he does not think Cardano will break $1 before the Bitcoin halving.
In a market eager for memecoin rallies, blockchains like Cardano remain relevant, riding on development activity and future promises.
Photo: Shutterstock
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