Analyst Reveals When Cardano (ADA) Price Will Reach $8

Cardano's ADA price performance has shown a relatively stagnant trend this year after a notable downward correction.

Still, ADA may see a significant change in its fortunes. Industry experts anticipate a possible price increase starting in April 2024.

ADA Price Prediction: $8 by January 2025

Ali Martinez, global head of news at BeInCrypto, noted that ADA's current price action reflects its late-2020 run. During this period, ADA mostly traded sideways before a bull run that began in November 2020 and ended in August 2021 at a market value of $3.

Similarly, history may repeat itself with a prolonged consolidation phase extending through April 2024 before a bull run that peaks around $8 in January 2025. Such a bullish scenario implies an extraordinary rise in the 1,797.67% in the ADA price.

“If the patterns align and Cardano reflects its late 2020 price behavior, we can anticipate that ADA will remain in a consolidation phase until April 2024, setting the stage for its next bullish rally,” Martínez saying.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

Currently, ADA is trading around $0.50, reflecting a 3.14% drop in the last 24 hours and a 9.95% drop over the last month. Still, it remains the eighth largest digital asset, with a market capitalization of $18 billion.

Cardano network continues to grow

Despite ADA's modest price performance, ongoing developments within Cardano block chain show a resilient commitment to expanding your ecosystem. In fact, Cardano's latest development report highlights 157 projects launched, with an additional 1,322 in active development.

Noteworthy is the notable progress in the development of the Plutus script, a fundamental component that facilitates smart contracts about him Cardano Network. The current count reveals 6,356 Plutus V1 scripts, while Plutus V2 scripts have increased to 18,821.

At the same time, Cardano's infrastructure underwent continuous reinforcement, marked by performance improvements and the addition of novel features. For example, him Voltaire phase, emphasizing decentralized governance, has recently made substantial progress.

“The education team is planning the second version of the Cardano developer training course in collaboration with the Africa Blockchain Center (ABC). They also continue to update more lessons from the Haskell Bootcamp course”, IOHK aggregate.

Last month, BeInCrypto reported that Cardano leads the pack in developer activity among its blockchain counterparts.