Cardano (ADA) could be on the verge of a huge rally akin to what Solana (SOL) saw in early 2024, with analysts predicting that the ADA price could reach as high as $3 this bull market.
Popular technical analyst XForceGlobal commented on X that Cardano’s current structure looks similar to when Solana created a bottom.
$ADA
Primary Macro Analysis#Cardano did an 18,000% run in its last bull run, but it also did one of the strongest pullbacks during the bear market. Structure looks very similar to when $SOL was creating a bottom as well for a 1-2 sequence. Wave 3 targets would be around $3. pic.twitter.com/KRKxcNEgX8— XForceGlobal (@XForceGlobal) August 23, 2024
XForceGlobal, citing Elliot Wave theory, predicted that “wave 3” could see the ADA price rally to as high as $3.
That would market a whopping near-10x rally from its current levels around $0.35.
Other analysts share the optimism. Crypto Capital Venture founder Dan Gambardello asked “what if Cardano does a 25x…?”.
What if Cardano does a 25x…? pic.twitter.com/3EYjfqHNv3
— Dan Gambardello (@cryptorecruitr) August 23, 2024
If Cardano is following in the footsteps of Solana, then that’s very possible.
From its late-December 2022 lows around $8 per token, Solana saw a 26x rally to its March 2024 highs at $208.
By contrast, ADA is only up about 60% versus its 2022 lows. And at its peak earlier this year when it reached above $0.80, ADA was up less than 4x.
A weak adoption narrative has plagued ADA in the past year and a half.
Whilst on-chain activity on Solana has exploded in 2023/2024, ADA’s has remained muted.
The Cardano blockchain only boasts a trade value locked in its smart contracts of around $200 million, per DeFi Llama.
That’s 25x lower than the $5.081 billion in TVL on Solana, also per DeFi Llama.
But a major ADA update is coming. Could that change its fortunes?
Can Major Cardano Update Salvage the Underperforming Crypto?
Cardano is about to under go its largest upgrade in over two years.
The so-called “Chang Hard Ford” will introduced features such as Plutus V3 and on-chain governance.
The Cardano Foundation hopes that this will enhance the blockchain’s scalability and decentralization.
One analyst referred to the upcoming upgrade, scheduled for 1st September, as a crucial step in realizing the blockchain’s vision to become a fully decentralized blockchain platform.
6/ Overall, the Chang hard fork is a crucial step in realizing Cardano's vision of a fully decentralized blockchain platform
By shifting to community-driven governance, Cardano becomes more responsive to user needs, promoting growth and sustainability
Source: @cointelegraph— Nio | Cardano DeFi Investment Tracker (@NioApp) August 22, 2024
Whether the upcoming upgrade leads to badly needed Cardano blockchain user growth remains to be seen.
If more users do flock to the chain, it could be the start of a reversal of ADA’s fortunes.
ADA remains one to watch as 2024 progresses.
Cardano Alternative to Consider
Cardano is a wild card. It could post 10x gains. But it could also be a major laggard to cryptos with better adoption momentum, like Bitcoin, Ethereum and Solana.
Investors might prefer to invest in these major coins instead, with them ranking amongst the best cryptos to buy now.
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