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In this bull season, Cardano investors with 100,000 tokens will become millionaires if ADA soars by 2,054%.
Cardano has not lost its position among the most prominent cryptocurrencies despite revisiting a four-month low ten days ago. ADA sank to $0.4195 on May 1 as Bitcoin retreated to $56,555K.
Although Cardano briefly recovered from the substantial collapse, its trajectory has remained underwhelming compared to the performance in the first quarter of the year. Nonetheless, ADA remains a favorite digital asset in the crypto market, with many investors eyeing it as their potential ticket to millionaire status.
As such, understanding the price target that could potentially turn one’s Cardano holdings into a million-dollar portfolio is crucial. We recently evaluated the prospects of wallets holding 100,000 ADA to become millionaires in the ongoing bull market.
When 100K Cardano Will Turn $1M
At press time, ADA is trading at $0.4642. Based on this value, wallets holding as much as 100K Cardano tokens have a current monetary balance of only $46,420, a considerable distance from the coveted $1 million target.
To elevate this portfolio to a million-dollar fortune, the market value of ADA must expand by 2,054%. This substantial percentage growth implies that Cardano must surge by over 20 times from its current value of $0.4642, reaching $10, for 100,000 ADA tokens to be worth $1 million.
Cardano Reach $10?
As illustrated above, Cardano has a considerable journey to reach the $10 milestone. Market analysts have debated its feasibility, but the likelihood remains uncertain, especially considering ADA has never approached such a threshold.
In the previous season, ADA peaked at $3.10, but it is currently 85% below that mark. Essentially, hitting $10 would mark uncharted territory for Cardano.
Meanwhile, ADA has yet to reclaim the $1 target throughout the last seven months of this bull market. However, this has not suppressed the optimism surrounding its potential to reach unprecedented price levels in a full-blown bull market.
Market observers like Ali Martinez, who argue for the possibility of $10 by next year, grounded their outlook solely on Cardano’s history.
Significantly, after the 2017 surge, ADA lingered at low values for a while before rallying in late 2020. In September 2020, ADA was priced at $0.08, but it crossed the $1 mark by February 2021. It continued its ascent to $2.3 in May 2021 and reached an all-time high of $3.10 by September 2, 2021.
This trajectory represented an over 3,700% increase from its $0.08 low in September 2020 to its peak a year later. If Cardano mirrored this trajectory, the price could approach $20. However, the likelihood of this scenario remains uncertain.