Analysts Forecast Possible ADA Price Increase As Cardano's NFT Sales Volume Increases - CMN | Latest Cryptocurrency News Today | Live Crypto Price

Cardano’s NFT sales volume increased by 60% to about $9 million in the last few months. In spite of this, during the past month, the cost of ADA, Cardano’s native coin, has decreased. Nonetheless, ADA’s price may rise soon, according to certain analysts.

With a volume of about $327 million, Ethereum remains the market leader in NFT, albeit this amount shows a 25% monthly decrease. Both the on-chain trade volume and the total value locked (TVL) on Cardano have significantly exceeded the figures recorded at the start of December. At present, the former exceeds $330 million, while the latter indicates $6.5 million.

In spite of the increase in NFT sales volume and other financial indicators, the price of ADA has been declining, falling more than 18% over the last 30 days. Nevertheless, some analysts are still bullish that ADA will soon see a bull run. Recently, Cardano’s technology, community, and blockchain were lauded by Twitter user Lucid, who also set a $10 price target. In addition, the host of the educational YouTube channel Coin Bureau offered a bullish prediction, speculating that ADA will spike to $1. She did this by pointing to a weekly chart that indicated a possible bull flag and the next major resistance zone at $1.