Cardano Price on the Brink of a Huge Breakout! $5 Imminent for ADA

Market leader BTC, and ETH are hovering around previous levels. While most of top coins are in a sideways trade, Cardano has spiked around 16% ahead of smart contracts launch. 

ADA hit as high as $2.79 in the last 24 hours. However, it has now corrected back to $2.59 at the time of writing. If ADA will fall deeper to retest levels or surge higher from here is to be looked out for.

Supporting the surge higher thesis are popular analyst’s. Micheal Van De Poppe in a recent tweet says, ADA has the potential to hit $5 after the massive bounce it saw yesterday.

Bullish Factors for ADA Price

According to figures from Pooltool, a Cardano (ADA) data aggregation tool, the number of ADA staking wallets has climbed to 821,024 as of September 10. Since June 3, the number of wallets has increased by 212,633 from 608,391 in three months. This is a rise of 34.95%

According to LunarCRUSH’s social media statistics, Solana presently has the highest AltRank score.

Tim Harrison, Marketing & Communications Director at IOHK, the company behind Cardano, pointed to the infographic below, which paints a nice picture of Cardano’s rich and diverse ecosystem, and said that the next “few months” should be fascinating to watch as more and more Cardano-powered projects launch on the mainnet.

Finally, in preparation for today’s Alonzo hard fork combinator (HFC), IOHK announced yesterday (September 10) that version 4.3.1 of the Daedalus wallet is now available, and that users should upgrade “before the HFC event on Sunday, September 12th @ 21:44 UTC.”