ADA, the native token of the Cardano blockchain, has gained around 50% in value in 2023 amid a rise in consumer adoption and a surge in total value locked (TVL) on decentralized finance (DeFi) applications on the smart contract network.
At the time of writing, ADA is trading at $0.40 – up 11% from the previous day’s price. The blockchain has had a 24-trading volume of $462,000, while its token value has risen by 6% in the past week.
Let’s check out more about the Cardano 2024 Price Predictions, and whether it would reach the analyst’s estimated highs of $10 or even $30!
Traders and Market Analysts Expect ADA Price to Consolidate Until July 2024
Crypto analysts expect Cardano to reach all-time highs in 2024, with someone forecasting prices to target anywhere between $10 and $30.
Popular crypto analyst Ali Martinez noted that Cardano’s current consolidation period was similar to the one the market saw between 2018 and 2020. Basing his predictions on previous cycles, he expects ADA to consolidate until July 2024 and possibly reach a $10 valuation by the end of the year.
In his X post, Ali also pointed out that “barring unforeseen events like the COVID-19 crash”, ADA could break out “as soon as” next month.
Total Value Locked on Cardano-based DeFi Platforms Hit $270 Million and Is Still Growing
As per a report by DeFi data aggregator DefiLlama, the TVL in Cardano’s DeFi ecosystem has increased significantly over the course of the year. Cardano started 2023 with just under 200 million ADA (approximately $80 million) held in DeFi projects, which has now reached 682 million ADA worth over $270 million.
Projects like the collateralized debt protocol Indigo and the decentralized exchange (DEX) platform Minswap have seen their total value locked exceed the $50 million threshold. Both projects are widely popular on Cardano’s DeFi ecosystem.
The Cardano blockchain also reached another milestone this year after it surpassed Ethereum scaling solution Polkadot (DOT) and its “pre-production environment” Kusama (KSM) in development activity.
Will ADA Hit $30? Some Analysts Think So
Crypto analyst ‘Lucid’ made a staggering forecast for ADA in 2024, declaring that the token was going to reach $30 within the next decade.
Lucid noted that Bitcoin (BTC) proved that a $1 trillion market was attainable, and even Ethereum (ETH) “with all its issues” hit a $500 billion market cap. With global inflation acting as a catalyst, he expects the crypto market to be worth around $10 trillion in the next decade, helping Cardano surge 100x.
Meanwhile, crypto trader ‘FieryTrading’ came out with an even bolder prediction, suggesting ADA would achieve a 10,000% rise over the next two years. He says that the token’s price has been going up in a “straight line” ever since it bounced off a support level within the parallel channel – a trading channel that is formed through a line between two bull market tops and then copies the same line to the downside in a bear market.
Based on his calculations, ADA is expected to reach a price point of $35 in the coming years.
Institutional Investment In Cardano Rose By $8 Million In A Year
CoinShares’ latest Digital Asset Fund Flows report indicated a rise in institutional investors’ interest in the Cardano ecosystem. As per the report, Cardano-based investment products saw weekly inflows of over $800,000 in the last seven days. This has resulted in the year-to-date ratio of institutional investment in the blockchain rising by $8 million.
Meanwhile, Cardano co-founder Charles Hoskinson has proposed a potential collaboration between popular crypto exchange Kraken to build out a Layer-2 blockchain. Kraken is looking to develop a decentralized network that would enable faster, cheaper, and more scalable transactions.
Hoskinson believes that Cardano is well capable of delivering on the front, suggesting that a partnership with Kraken would help accelerate the adoption of decentralized applications (dApps) on Cardano.
Although nothing regarding the matter is confirmed, Kraken CEO Jesse Powell has previously expressed the company’s interest in exploring layer-2 scaling technologies and mentioned that it was working with leading blockchain infrastructure firms to launch a bespoke protocol.
Prominent cryptocurrency exchange Coinbase launched its own layer-2 network called Base in June 2023. The base is a scaling solution based on a roll-up by Optimism (OP) that seeks to enhance scalability, security, and cost-effectiveness on Ethereum. The Layer-2 network has already attracted investments from various blockchain firms, including Aave (AAVE), Chainlink (LINK), and Uniswap (UNI).
If the Cardano-Kraken partnership goes ahead, it could propel the price of ADA to newer heights.
Can Cardano pull a rabbit out of the hat with Kraken? Only time will tell.