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After the recent consolidation, Cardano resumed its recent bull run in the past 12-24 hours with another double-digit surge that pushed it to over $1 for the first time in over two years.
In the process, its market cap has soared to almost $40 billion, according to CoinGecko, making ADA the eighth-largest cryptocurrency by that metric after it surpassed USDC’s $38.8 billion.
ADA’s Recent Rally
Perhaps it all started two weeks ago when IOG’s founder, Charles Hoskinson, said he will spend a portion of his time in 2025 working alongside the Trump administration on establishing a more favorable and fair crypto policy in the US. At the time, ADA exploded by 30% daily and neared $0.6.
Hoskinson continued with his interactions and hints about something big in the following weeks, and ADA kept climbing. It surpassed $0.72 last weekend, and speculations started to emerge about whether it could “do an XRP” and shoot above $1.
It consolidated at around $0.8 for a few days but initiated another leg-up on Friday evening that pushed it to $0.9. The bulls kept their foot on the gas pedal, and ADA indeed blasted through the $1 milestone hours ago. Moreover, the asset jumped to a 2.5-year peak of $1.15 earlier this morning before retracing slightly to $1.08.
ADA has gained over 200% in the past month, which is second only to Dogecoin’s 230% surge from the top 15 cryptocurrencies.
Can it Go to $10?
With $1 already hit during this cycle, crypto analysts and commentators started to highlight new targets for ADA for the upcoming months. Interestingly, the most frequently mentioned one is quite optimistic – $10.
See you at $10 #ADA
— Deezy.eth (@deezy_BTC) November 23, 2024
If ADA’s supply remains the same as it is now, a price tag of $10 would mean that its market capitalization will skyrocket to roughly $400 billion. To put things into perspective, this would help ADA rival ETH, which now has such a market cap.
To get there, though, ADA would need to overcome several resistance levels on its way, including the all-time high of September 2021 of $3.09 (CoinGecko data) and $3.5, according to Beastlorion, who shared an interesting chart on X.
$ADA Bull target this cycle: I’m thinking $3.5 on the low side, $10 on the high side.
What do you think? pic.twitter.com/83zLRLx41M
— Beastlorion️ (@Beastlyorion) November 20, 2024
This article first appeared at CryptoPotato
