Cardano (ADA) has been stuck in a difficult position for the past few years, fighting stagnant price growth despite being one of the crucial popular altcoins within the space. A crypto analyst has offered insights into why Cardano has underperformed while also maintaining an optimistic outlook and predicting a 1,000% rally to recent highs this cycle.
Cardano On The Verge Of A 10X Rally
Crypto analyst Max Maher recently released a YouTube video predicting that Cardano could witness a 3X, 5X or 10X surge soon. The analyst highlighted several the reason why he believes the underperforming altcoin could witness such a significant price increase.
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Maher disclosed that throughout the last crypto bull run in 2021, Cardano was one in every of the highest bullish altcoins, skyrocketing to an all time high of $3.10 on the time. Following this substantial price leap, the cryptocurrency and other major coins slumped drastically. Nevertheless, unlike other coins which have witnessed regular price gains in 2024, Cardano still struggles to recuperate from bearish sentiment.
Based on CoinMarketCap’s data, Ethereum (ETH) has risen by a formidable 65.58% for the reason that starting of the 12 months, currently trading at $2,735. Solana (SOL) has witnessed an excellent more dramatic increase this 12 months, jumping 682.08% to trade at $159.20. In contrast, Cardano has recorded a modest year-to-date increase of just 45.54%, trading at $0.37 amidst bearish trends.
Maher has revealed that for Cardano to break out of the bearish territory and see a 1,000% rally to recent all-time highs of $4.29, the cryptocurrency’s community sentiment might want to undergo a significant change. He asserted that positivity fuels success, indicating that if the community’s sentiment towards Cardano becomes more favorable, the cryptocurrency could experience a rise in adoption, potentially triggering a considerable price increase.
For example, the analyst observed a major shift inside the Cardano ecosystem following a post he released on X (formerly Twitter) in May, which underscored the impacts of negative comments on the price of ADA. The analyst revealed that the positive change in sentiment has continued to today.
From this commentary, the analyst suggested that Cardano needs an improved perception of its narrative and brand to drive a price increase. He highlighted that the cryptocurrency already has a rock-solid foundation and is supported by a highly secure and efficient network.
Key Aspects Behind Cardano’s Persistent Slump
While sharing his optimistic outlook for Cardano’s future price, Maher also offered key insights on why the cryptocurrency has experienced such a severe and prolonged price slump.
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He highlighted three major reasons for Cardano’s underperformance. Firstly, Maher disclosed that, unlike Ethereum and Solana, Cardano lacked a compelling “core narrative.” Which means that beyond its high level of security and fame as an efficient blockchain network, Cardano lacked a robust, distinctive selling proposition that set it other than other cryptocurrencies.
While Ethereum has Spot ETFs, and Solana has meme coins to drive its price, Cardano only had its core functionalities. Moreover, Maher revealed that Cardano’s sophisticated values and fundamentals were difficult for investors to completely comprehend. Finally, he emphasized that Cardano lacked robust and positive community engagement, which is important for driving its price higher.
ADA price sees small recovery after decline | Source: ADAUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com