Crypto Analyst Predicts Cardano ($ADA) Price Could Soon Surge to $8

A popular cryptocurrency analyst has recently noted that the price of the native token of smart contract platform Cardano, $ADA, has been in a pattern that mirror its price behavior of late 2020, before the cryptocurrency entered a bull run that saw its price move to a $3 high.

In a post shared on the microblogging platform X (formerly known as Twitter), with his over 40,000 followers, analyst Ali Martinez noted that we can anticipate ADA will “remain in a consolidation phase until April 2024, setting the stage for its next bull rally.”

In 2021, Cardano witnessed a significant price surge amid a wider cryptocurrency market bull run, surging to the $2 mark before correcting to $1.12 by mid-2021. The cryptocurrency then kept on surging, to hit an all-time high near the $3 mark. Cardano’s price then started dropping amid a wider crypto bear market, and now trades at $0.5 per token.

Martinez added a price chart to the post suggesting ADA’s price could run up to the $8 mark by 2025, a new all-time high for the token if the analyst’s price prediction comes to fruition.

As CryptoGlobe reported, Cardano has notably recently maintained its top stop in cryptocurrency development activity, outperforming other major digital assets including Bitcoin ($BTC) and Ethereum ($ETH).

That’s according to data from on-chain analytics firm Santiment, which noted that the “blockchain of blockchains” Polkadot ($DOT) and its public pre-production environment Kusama ($KSM) came in second and third place respectively. Notably, Optimism ($OP) came right after, ahead of other major digital assets.

The term “development activity” refers to the amount of work completed by a cryptocurrency project’s developers on the project’s public GitHub repositories within the past 30 days.

Featured image via Unsplash.