Cardano (ADA) has been stuck in an accumulation zone for a couple of months now and hasn’t seen the kind of surge that other major cryptocurrencies have seen. This continued accumulation, as well as trading in a very tight range, could mean a very significant breakout when it finally happens and one crypto analyst has predicted an incredible rise in this regard.
Cardano could see a 16,500% surge
Tim Warren, one of the hosts of the Investing Broz show on Discord, took to X (formerly Twitter) to share a fairly bullish Cardano chart. In the chart, Warren points out Cardano’s past price performance, which has been nothing short of phenomenal.
As the chart shows, the price of ADA had fallen around 98% from its previous all-time high which it had reached in 2018. By 2020, the price of ADA was as low as $0.018, but the impending change would take the entire market by surprise. . . ADA would continue to rise a total of 16,500% when it reaches its new all-time high of $3.10 in 2021.
Chart shows 16,500% ADA rally | Source: X
Applying this historical performance to the current ADA price level could suggest another such rally. Cardano price is currently around 92% below its all-time high, putting it close to the same level it was in 2020.
If ADA sticks to this historical performance and repeats it, a 16,500% increase from the current price level would put the digital asset’s price at $40 at its peak.
ADA continues to trade in a tight range | Source: ADAUSD on Tradingview.com
The ADA Value Proposition
In response to Warren’s post, another X user, Chris O, weighs in with the value proposition of the digital asset. Chris, founder of Ghost Fund DAO, a protocol on Cardano, explained that the previous 16,500% increase in ADA had occurred without having support for smart contracts and decentralized finance (DeFi), among others. But now that the network admits it, the founder believes this could lead to a huge spike.
Chris points out the presence of DeFi, a rising total value locked (TVL). non-fungible tokens (nft)and ethereum/” rel=”nofollow”>side chains that are now featured online. It also points out the various protocols that have been launched online in these different sectors.
#cardano fam, simple graph showing FUTURE opportunity. Without SC, CNT’s, Defi, $ADA made 165x from the bottom of the bear.
Now with SC, Defi/TVL on the rise, nft, projects like @libro_io, @CornucopiasGame, @Indigo_protocol, @IagonOfficialetc…, along with Hydra, Marlowe, Mithril,… https://t.co/EChPO0SSLH
– Chris O (@TheOCcryptobro) October 14, 2023
As Chris points out, ADA had made a “165x from the bearish bottom” without Cardano having support for all the sectors listed above. That is why he believes that “25x – 40x is a very reasonable expectation. Drown out the noise.”
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Chris referred to Warren’s chart as a “simple chart showing FUTURE opportunities.” However, if ADA were to repeat its 2020-2021 rally, a 40x would be just the beginning for the digital asset.
