Chris O, co-founder of the Cardano Ghost Fund DAO and co-host of Investing Broz on Discord, has some positive news for ADA holders. He pointed out that ADA has been in an accumulation phase for quite some time, unlike other top cryptocurrencies that have seen rapid growth.
This extended period of stability and consolidation in a narrow price range is creating anticipation for a substantial price surge. The analyst is optimistic about Cardano’s future and suggests the potential for a remarkable 165x price increase.
Remember when $ADA fell 98% and then blew up and then did an 165X? #Cardano pic.twitter.com/2H2YOjqeux
— Tim Warren (@Tims_TA) October 13, 2023
Cardano’s Potential 165x Rally
Chris has presented a chart showcasing ADA’s remarkable journey. Despite experiencing a significant 98% drop from its all-time high in 2018 and plummeting to as low as $0.018 in 2020, an unexpected turn of events led to an extraordinary 165x surge, pushing ADA to new all-time highs.
Currently, ADA is trading at approximately 92% below its all-time high, which is similar to its position in 2020. Based on this historical performance, there’s the potential for another impressive rally.
What’s worth noting is that the previous 165x surge occurred when Cardano didn’t have support for smart contracts and decentralized finance (DeFi). With these features now available on the network, Cardano’s potential has expanded. Chris points out the flourishing presence of DeFi, a growing Total Value Locked (TVL), the rise of non-fungible tokens (NFTs), and the prominence of sidechains within the Cardano network. He also highlights the successful launch of various protocols across different sectors.
As a result, Chris believes a “25x to 40x increase” is a realistic expectation and advises investors to focus on this opportunity while ignoring distractions. If Cardano replicates its historical performance, it could experience a remarkable 165x surge from its current price of $0.2432, reaching a staggering $40.12.
This prediction surpasses a previous target of $6 for ADA, which was also based on historical patterns. Such a surge would further validate ChatGPT’s choice, as the AI model previously selected Cardano (ADA) as one of the top three cryptocurrencies for long-term profitability.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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