- An in-depth analysis by a seasoned analyst points to a massive Cardano (ADA) rally that will see the altcoin reach $26 in the long term.
- Cardano faces stiff competition from a new upcoming layer-2 blockchain developed by Coinbase, Base.
Cardano is poised for a rally that will see it reach $26 according to YouTube“Cheeky Crypto,” host Nick. One of the major highlights of the market analyst is the Total Value Locked (TVL) in the network. Recent data shows that a little over $160 million worth of ADA is locked. Cardano is one of a handful of projects that has witnessed stable and steady growth in its DeFi market. With over 600 million ADA locked, this is a positive sign pointing to a strong blockchain and community.
Another notable pointer is the wallet count. The analyst notes that there are 2,832 wallets with over 1 million ADA, these are generally regarded as large institutional investors. The total number of ADA wallets is well over 4 million, an indicator of its mass adoption. Owing to the growing adoption, blockchain analytics firm Santiment noted that Cardano’s weekly on-chain transactions have surged by more than 1,700 percent since January.
In addition, the number of projects building on the network has steadily grown. There are currently over 1,200 dApps being built on Cardano. Crypto research firm Messari recently reported that the average daily dApp transactions on Cardano have recorded a 49 percent surge Quarter-over-Quarter.
Furthermore, the network has attracted massive development around its ecosystem. One of the most notable developments is the launch of the overcollateralized stablecoin on Cardano issued by COTI. As CNF recently reported, the stablecoin protocol has undergone an upgrade that could boost ADA to $0.30.
On the technical front, Nick pointed out a zigzag pattern, indicating potential downside and the possibility of an extension in a wave 5 position. This is a warning that ADA investors will have to persevere the bearish period a little longer. Since its all-time high of $3.09 about two years ago, the asset has lost nearly 90 percent of its value.
Nick is however optimistic about the long-term target and set a buying range between $15.21 to $18.11. He further predicts a $26 price target if all the right conditions are met.
Is Coinbase’s Base Better than Cardano (ADA)?
Although Cardano’s achievements since its launch in 2017 are notable, the network has come under massive criticism after the launch of Ethereum’s layer-2 blockchain developed by Coinbase, Base. Parul Gujral (@whoisparul) has recently shared on X (formerly Twitter) a comparison of Base and Cardano which shows the slow progression of Cardano.
In spite of being just a month old, Base has garnered over $400 million in TVL while Cardano has less than half of this. The founder of cryptocurrency wallet Snowball Money and a Forbes contributor has since deemed the network a flop.
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— Parul Gujral 🦇🔊 (@whoisparul) September 4, 2023
Another user has shared a graph that shows Cardano is also lagging behind on usage and demand.
Base is already far ahead of Cardano on all metrics not just TVL.
It’s usage and demand. pic.twitter.com/QNV7mrl9B6
— 0xNLY.arf (@0xNLYFANS) September 4, 2023
Defending Cardano, @Cardanians_io has stated, “You are comparing a centralized first layer with the most decentralized first layer in the blockchain industry. There has already been a hack of the DeFi service on Base. There hasn’t been a single hack on Cardano yet. Base is only a month old. Cardano has been DeFi for 2 years now.”
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