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Analyst Max Maher stated that the improved positive sentiments around the Cardano ecosystem could propel the price to a tenfold rally.
Famous crypto analyst Max Maher has predicted that the Cardano price is on the verge of giving holders life-changing gains. The analyst made this speculation on a YouTube update while stating the reason behind ADA’s stagnation and why he believes this trend has changed.
Maher pointed to the prevailing sluggishness demonstrated by Cardano since the 2022 crypto slump. The dump, triggered by the Terra collapse and the FTX implosion, saw the market hit rock bottom.
However, other assets, except for Cardano, seem to have kept the event behind them and have rallied significantly. Maher pointed out why these have happened and how the narratives are changing.
Cardano’s Problems
The popular analyst compared Cardano’s performance to that of its top competitors, Ethereum and Solana. Maher noted that these assets have seen significant rallies this year, but Cardano hasn’t, despite the blockchain having some notable chain advantages over them.
One of the challenges the analyst pointed to was a lack of a “narrative thrust” on Cardano compared to Ethereum and Solana. The buzz around the Ethereum spot exchange-traded fund (ETF) on Ethereum and the memecoin frenzy on the Solana network have seen SOL and ETH rally 674% and 63% year-over-year, respectively.
However, Cardano has just increased 40%, as the blockchain and its community have failed to hold on to a narrative. The Crypto Basic reported the transformation on the Tron network after Justin Sun jumped on the memecoin bandwagon with the SunPump launch.
Maher also pointed to Cardano’s poor branding, which has made it more difficult to sell compared to Ethereum and Solana. Solana’s super speed and Ethereum’s scalability branding have kept users adopting their ecosystems over Cardano.
Maher’s last point was the “doom and gloom” approach of the Cardano community to the network. According to the analyst, the blockchain’s enthusiasts have not shared positive sentiments about Cardano, making new investors pursue those with better hype.
Cardano’s Awakening
Maher’s May tweet seems to have sparked a turn-around in the Cardano ecosystem. The analyst awakened the community after charging them to talk about the good things on the Cardano blockchain more often.
There has also been increased memecoin traction in the Cardano ecosystem. The success of memecoins SNEK and NIKE have aroused the community, spreading positive sentiments around the network.
According to Maher, a sustained hype around the Cardano ecosystem would set the pace for a tenfold price rally. He pointed out that if the momentum is sustained and new investors keep moving into the ecosystem, Cardano’s ADA would be on its way to significant parabolic expansion.