Cardano’s (ADA) price reached a new four-month high, surging to $0.348808 on Sunday, driven by increased whale investor activity and the broader decentralized finance (DeFi) landscape. CoinMarketCap reports a current trading price of $0.353, representing a more than 4% rise in the last 24 hours and an almost 18% increase over the past week. Notably, the network has witnessed a significant uptick in activity, as evidenced by on-chain data from Santiment.
In addition to this, Cardano observed a record-breaking 1,742 transactions exceeding $1 million on Saturday, marking the highest since January 2022. Interestingly, this uptick coincided with a decrease in the number of daily active ADA addresses. Santiment’s data highlights that Cardano’s wealthiest investors are increasing their holdings, while the general investor base remains steadfast. Over the past month, Cardano’s price has surged by more than 30%.
The DeFi sector on Cardano’s network has also seen a boost in activity, with the total value locked (TVL) reaching $236.72 million, representing a substantial 39% increase over the last 30 days. Notably, some of the most popular DeFi projects on Cardano, including Liqwid, Minswap, Optim Finance, and Indigo, have experienced significant growth in user engagement.
Furthermore, Cardano’s general transaction volume has risen to 332.08 million from 237.63 million, reaching a three-month high. This increase in transaction volume further contributes to the positive sentiment surrounding ADA’s price.
Cardano Price Predictions
One prediction came from analyst John Morgan, who offered mixed scenarios about whether or not the Bulls will beat the Bears in November. The bearish scenario sees ADA succumbing to bad market news and fluctuations, dropping to a level of around $0.24. The neutral scenario is one where ADA trades at $0.29. Morgan then offered a bullish scenario where the asset surges to $0.41 due to a spike in TVL, as well as upgrades from parent company Input Output Global (IOG). Although ADA has not fulfilled the bullish scenario, recent events suggest that this is more likely than the neutral or bearish outlooks for the coin.
An analyst known as Lucid on X (formerly Twitter) has what is probably the most bullish ADA prediction. According to an X post, Lucid said Cardano will 100x, tying the coin’s potential bullishness to the general crypto market:
$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!
Interestingly, several members of the community disagreed with the prediction. One post noted ADA would be “lucky to get to $3” because it’s slowly becoming a “ghost chain” that is “impossible to work with”. Lucid responded with data that points to Cardano as October’s top crypto project by developer activity.
