2024-11-26 14:20 |
Cardano (ADA) continued to exhibit strength over the weekend after surging past the critical $1 resistance level on Friday, following a week of intense buying pressure. Notably, the ninth-largest cryptocurrency has skyrocketed nearly 220% in the past month, riding the wave of a broader crypto-market resurgence.
This recent rally marks a pivotal moment for ADA, which broke free from months of consolidation near $0.40 on November 8. With bullish momentum firmly intact, analysts are increasingly optimistic, forecasting the potential for even greater gains.
On Friday, prominent crypto analyst Dan Gambardello, the Crypto Capital Venture channel host, described Cardano’s ADA as “severely undervalued” despite hitting the significant $1 milestone, its highest level since April 2022.
The pundit underscored several key factors bolstering his bullish outlook on Cardano’s potential for significant growth. He highlighted Cardano’s current $37 billion market capitalization, emphasizing its stark undervaluation compared to competitors like Dogecoin at $62 billion and Solana at $121 billion. This disparity, he argued, persists despite Cardano’s superior technological advancements and increasing institutional adoption. He, however, expressed confidence that Cardano is poised for a substantial surge in the near future.
“Finally, people are starting to realize what Cardano can be used for. This [market cap] is severely undervalued…if you go higher, $399 billion dollar for Ethereum, this means Cardano is over 10x away from Ethereum right now,” he stated.
He further emphasized recent developments that could drive future value, including Charles Hoskinson’s SpaceX visits and the development of Bitcoin OS, a permissionless protocol enabling Bitcoin integration with Cardano’s DeFi ecosystem. The analyst emphasized that, unlike previous cycles, Cardano now boasts a fully operational smart contract platform and robust staking mechanism, potentially supporting sustained growth.
Meanwhile, on-chain data reinforces the growing bullish sentiment around ADA. Analytics firm IntoTheBlock revealed a staggering 300% surge in large Cardano transactions over the past two weeks, signaling increasing interest from institutional players. For context, the total volume of these high-value transactions reached an impressive $22.56 billion, highlighting the scale of activity driving Cardano’s ongoing rally.
This surge in whale activity, combined with Cardano’s potential involvement in government blockchain initiatives, has contributed to the price momentum.
Looking ahead, the analyst outlined potential valuation targets, suggesting that a $250 billion market cap ($7 per ADA) and even $500 billion ($14 per ADA) are “in play” during this market cycle. He drew parallels to Ethereum’s previous market cap achievements, arguing that Cardano’s technical advantages and growing institutional adoption could support similar valuations.
ADA traded at $1.05 at press time, reflecting a 3.16% surge in the past 24 hours.
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