Cardano’s ADA, has been falling in price lately, losing 19.2% over the past month due to a broader downturn in the cryptocurrency market. Despite the drop, experts see $ADA well-positioned for a substantial price rise.
Ali Martinez, a crypto expert, shared his view on X (formerly Twitter) that the ADA price movement is similar to what happened between 2018 and 2021. If this trend continues, the price of ADA might range between $0.55 and $0.80, as he also mentioned.
ADA is trading at $0.58 at the time of writing this article. Analyst Ali mentioned that this steady price movement might continue for a few weeks, as it jumps to the $1.7 mark. After that, there might be another period of stability before a potential rise to $5.
In a recent update, Martinez reiterated that the situation for Cardano hasn’t changed much. ADA is currently in a consolidation phase, which is expected before it breaks out to reach the $1.7 mark.
Cardano’s Smart Contracts Soar: Plutus Scripts Surge
Reportedly, Cardano’s smart contract development has been growing rapidly. Data collected from the Cardano Blockchain shows a significant rise of 170% in Plutus V2, the language used on the network for making smart contracts, since the start of the year.
Plutus is made to be safe and dependable, using ideas from functional programming. However, Plutus V2 gives developers extra perks like smaller transactions and costs, plus a more adaptable and expandable way to build apps.
Cardano’s popularity isn’t just about smart contracts. The network has experienced a big increase in user activity in the past month, with the number of active wallet addresses hitting a one-year high of over 600,000. That’s nearly 40% more than before!
Featured image from Google.
Note: The author’s and mentioned individuals’ views in this article are for information only and aren’t financial or investment advice. Keep in mind that investing in or trading cryptocurrencies carries the risk of financial loss.
