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Famous market watcher STEPH IS CRYPTO projects that Cardano (ADA) could surge to an unprecedented level amid the ongoing market recovery.
ADA, the native token of the Cardano ecosystem, has witnessed a slight increase in the ongoing relief rally across the broader market. According to data from CoinMarketCap, the price of ADA has surged 3.29% over the past 24 hours to $0.3438. Notably, ADA has also recorded a weekly gain of 1.87%.
Despite its remarkable performance in the daily and weekly charts, ADA is down 21.91% over the past 30 days. Most of this decline was witnessed on August 5, 2024, when ADA’s price tanked to $0.2799. However, the token has made significant efforts to recover these losses, as it currently trades at $0.3438.
ADA to Hit $1.6 This Year
Interestingly, famous pseudonymous market watcher “STEPH IS CRYPTO” predicted that ADA could surge to greater levels before the end of this year.
Specifically, they projected that ADA could surge to $1.60 before the end of 2024. To hit the $1.60 target, ADA must surge 365% from its current price of $0.3438.
To put it into perspective, an investor who commits $1,000 into ADA today at the current price of $0.3438 could make a return of $4,653 if the token’s price surges to $1.60.
Besides ADA, the analysts also set price targets for other cryptocurrencies like Bitcoin (BTC), XRP (XRP), JasmyCoin (JASMY), Internet Computer (ICP), and Algorand (ALGO). According to STEPH, BTC, XRP, JASMY, ICP, and ALGO will hit $100,000, $2.50, $0.30, $50, and $0.50 by year-end, respectively.
Meanwhile, STEPH did not outline the potential catalysts that could propel ADA for a 365% surge to $1.60. Nonetheless, the prediction reflects the positive sentiment across the market, where many experts have expressed confidence in an imminent rally for major assets like ADA, BTC, and XRP, among others.
Similar Prediction and Catalyst for Potential Surge
It bears mentioning that other experts have also set similar targets for Cardano. Earlier this year, popular Cardano bull Dan Gambardello envisaged a breakout that could take ADA’s price to $1.5.
In the meantime, there are indications that ADA could witness positive updates, including a spot-based ETF, that could potentially pave the way for a major rally. As reported in May, Ripple CEO Brad Garlinghouse speculated that the SEC will approve multiple ETFs for different altcoins, such as ADA, SOL, and XRP.