So far this year the price of the native token of the smart contract platform Cardano, ADA, has moved up around 50% amid increasing adoption and as the total value locked (TVL) on its decentralized finance (DeFi) platforms surges. Price predictions for 2024, however, are increasingly bullish.
ADA is currently trading at $0.368 after rising more than 4.6% over the past week and Cardano price predictions for 2024 suggest a significant rise. Popular analyst Ali Martinez, for example, noted that Cardano’s current consolidation phase “eerily mirrors the 2018-2020 phase,” which means that if history repeats itself, it’ll keep consolidating until July of next year.
Nevertheless, this means ADA could see a breakout “as soon as December,” with his price prediction suggesting that the consolidation could lead to a rise that could see ADA get near the $10 mark in 2024.
As CryptoGlobe reported, Total Value Locked (TVL) in Cardano’s decentralized finance ecosystem has seen a significant increase. It started the year just under 200 million ADA and has now reached 682 million ADA., according to DeFiLlama
This growth is reflected in various projects within the ecosystem, such as the collateralized debt protocol Indigo and the decentralized exchange Minswap. Both have seen their total value locked exceed the $50 million threshold as adoption grows.
Cardano has, on top of that, maintained its top stop in cryptocurrency development activity after surpassing the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).
Another bullish Cardano price prediction from cryptocurrency analyst Lucid pointed to the $30 mark next year, which would mean a surge of over 9,000 from current price levels. The prediction is based on global acting as a catalyst for the cryptocurrency market’s total capitalization to grow past the $10 trillion mark.
An even more bullish price prediction came from trader FieryTrading, which suggested a rise of over 10,000% – albeit over the next two years – as the cryptocurrency’s price “has practically been going up in a straight line” after bouncing off a support level within a trading channel called a parallel channel, formed through a line between two bull market tops and copying that same line towards the bottom.”
That prediction would see Cardano’s price rise to the $35 mark in the future. While analysts are bullish for Cardano in 2024, more short-term price predictions suggest moderate growth in the near future.
Notably, institutional investors have been betting on Cardano, with data from CoinShares’ latest Digital Asset Fund Flows report showing Cardano-based investment products saw over $800,000 of inflows last week, bringing their year-to-date totals to $8 million.
Featured image via Unsplash.
