TL:DR;
- Cardano’s native token has emerged as one of the top performers today, surging to $1.3 to mark a multi-year peak.
- The community was quick to pick up the move and outline some massive predictions of up to $6.
ADA’s Bull Rally
ADA stood at around $0.32 on November 5, the day of the US elections, and was relatively sluggish at first, even as the rest of the market was charting impressive gains following Trump’s decisive victory.
However, its own rally began that weekend when IOG founder Charles Hoskinson said he will spend a lot of time in 2025 working alongside the Trump administration to establish a more favorable and comprehensive crypto policy in the States.
Cardano’s token exploded to over $0.6 at the time, but more promising hints coming from Hoskinson sent it further north. ADA neared $1 and after a few rejections there managed to break above that level.
Its rally was stalled for a few days but the bulls are back in charge now as they pushed ADA to just over $1.3 earlier today, which meant a 20% surge at one point. This became the asset’s highest price point since mid-January 2022.
Consequently, ADA has overtaken USDC and is now the eighth-largest cryptocurrency by market cap, as the metric stands above $45 billion.
ADA to $6?
ADA’s breakout led many analysts to speculate on its future price growth. Some of the more modest predictions indicated that the asset could rise up to $1.5 next, which sounds achievable even for the short-term, given the recent price developments in the market.
Popular analyst Ali also outlined the same target following ADA’s price surge above $1.25, which invalidated a previous forecast for a 20% correction.
Invalidated! $ADA goes to $1.50 next. https://t.co/OhJXrA2MSM
— Ali (@ali_charts) December 2, 2024
While $1.5 seems very plausible at the moment, others made some big claims that ADA could peak at $6 during this cycle. AllInCrypto’s analyst based this prediction on ADA’s behavior during the 2017 and 2021 bull runs. It’s worth noting that such a price tag would put Cardano’s market capitalization at over $210 billion. In the current environment, this sounds slightly exaggerated as this would make ADA the third-largest digital asset.
