Cardano (ADA) Rallies 77%, Hits Yearly High: Can It Hit $1 Next?

Cardano (ADA) has hit a new yearly high of $0.66. The popular cryptocurrency has surged by over 10% in the last 24 hours and more than 77% over the previous month. ADA’s price remained stagnant for most of 2023. The token’s price took a hit in June after the US authorities filed lawsuits against Coinbase and Binance. The asset only began to pick up pace towards the end of November. ADA’s recent surge has pushed its gains to around 175% since January.

Also Read: Cardano (ADA) Price Prediction: December End 2023

Over the past month, Cardano (ADA) has seen a significant increase in user base and Dapp volume. The project’s decentralized exchange (DEX), Minswap, saw a rise of over 26,000 active addresses in one month. On the other hand, the NFT (Non-Fungible Token) marketplace, JPG Store, had 16,540 addresses in the same time frame.

Cardano’s (ADA) bullish outlook is fuelled by increasing activity in decentralized applications and reduced regulatory risk.

Will Cardano (ADA) hit $1 soon?

ADA may face a correction soon as other projects, such as Solana (SOL), Avalanche (AVAX), and Polkadot (DOT), are witnessing a dip in prices. However, one should note that some altcoins, such as Ethereum (ETH), Binance’s BNB, Chainlink (LINK), etc., are witnessing price surges. We may be entering the early stages of a possible bull run, with altcoins taking the lead. Many analysts anticipate a bull run for the cryptocurrency market in 2024, fuelled by the probable approval of a spot Bitcoin (BTC) ETF (Exchange Traded Fund) and BTC’s halving event.

Also Read: Here is How to Be a Millionaire When Cardano ADA Hits $2

However, Changelly does not anticipate Cardano (ADA) to hit $1 anytime soon. According to the platform, ADA will continue to trade below $70 for most of 2024. Changelly predicts ADA to hit $1 sometime in June 2025.