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Cardano To Follow Solana’s Suit! Here’ Why ADA Price May Hit $1 In Coming Days

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Mar 21, 2022

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Highlights

    Cardano network continues to accelerate its dominance in DeFi, with its largest single-month increase.

    Cardano maker cites the network going inline with Solana following the roll-out of updates.

The world of cryptocurrencies gets to boast the prospects of a host of digital assets from its directory. One such digital asset is Cardano, which has been soaring higher at numerous fronts, despite all the criticism, haunting the network. The crypto asset has been garnering the interests of the masses, with its growing dominance in DeFi. Which recently saw its largest 1-month spike.

The growing stance of the network in DeFis, and transaction volumes, has been fueling optimism in its price action. Which is now persuading investors and traders to analyze its price projections. The growing positivity gets further impetus following Charles Hoskinson’s views in a recent interview. Where he cites the network going inline with Solana, following the roll-out of updates.

Also Read: https://coinpedia.org/beginners-guide/what-is-cardano/ 

Cardano Vs Solana

 Cardano has been making its presence felt in the community, following ADA claiming double-digit weekly returns on the price charts. They yearn for ADA’s price projections sees impetus coming, following the recent mentions by Charles Hoskinson in a video. 

Charles Hoskinson in a recent interview cites the top-3 priorities of the firm, which include commercial compatibility, sustainability, and self-determination. Moreover, the Cardano maker believes the incoming updates for scalability and expressiveness, would put Cardano in line with that of its rival Solana. 

On-Chain Is Where Cardano Holds Its Strength?

  As known, Cardano’s DeFi applications have been receiving massive capital inflow since the start of March. According to DeFillama, the total TVL of the network, including stakes of governance tokens, is at $361.4 M. Whereas, TVL excluding the stakes of governance tokens is at $272.38 M, which has risen 13.12% over the day. 

Consequently, the network has seen the largest single-month spike across all protocols, with TVL greater than $10 M. As a result of which, Cardano’s dominance is now at 0.2%, going head-on with that of Ethereum’s Optimism L-2 solution. 

We have been an audience to Cardano’s hold in the transaction and adjusted-transaction volumes. Which are presently at $68.76 B and $68.59 B respectively. That said, about ~95% of this movement is held by whales, which further elaborates the movements of the price.

Cardano (ADA) Price Gearing Up For $1?

  ADA price at the time of writing is changing hands at $0.8960. With gains of 0.7% for 24-hours, and 13.1% for the week. The market capitalization of the digital asset is presently hovering around $30.184 B. Whilst its volume of trades for around the clock is at $950.18 M. ADA price has been ranging in the 24-hour frequency from $0.865 to $0.8988.

Successively, indicators such as RSI and MACD have been bullish of-late. RSI for instance has been at the peak since January. ADA price could make it to $1, with assistance from the bills. But will have to face the heat at $1.02, which has not been hit for a brief time now. That said, 61.8% Fib-retracement provides firm support at levels around $0.80.

Summing up, according to analytics firm Into The Block, 14% of the holders are making a profit at the current price. And the overall summary of the network’s metrics is on the bullish end. That said, Cardano’s on-chain metrics such as its TVL and transaction volumes could assist the price of ADA in the short term. Until the updates come into place.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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