The price of Cardano has seen a dramatic increase in the recent few days. Following the 2023 first quarter’s bullish wave, network sentiment has mostly improved. In addition, Cardano is now receiving attention from a lot of whales. It will be interesting to see if the Ethereum killer will regain its footing in the upcoming and much-anticipated bull market.
Ali Martinez took to his Twitter handle and said that the price of ADA is poised to hit the $0.60 mark. He wrote,
“Cardano is poised to confirm this head and shoulders pattern, potentially igniting a 44% breakout that could propel $ADA to $0.60.”
Cardano’s price dropped in late February and early March before rising to $0.30 now. However, during the past two to three weeks, the price of Cardano has been able to steadily increase, rising beyond $0.40.
According to ADA Whale, the next Cardano bull run may be stimulated by rising DeFi TVL. They continue that as TVL rises (predicting $1 billion), the story will reinforce itself, and the bull run will start from there since Cardano trades far lower than the previous record high of $3 set in September 2021.
They wrote, “Every bull run starts with a narrative, the last one for Cardano was Shelley/staking. Next one will prob be TVL. Way below the previous all-time high of $3 (and lower daily as ADA TVL grows) it hits $1bn – from there the narrative will feed on itself. Just the way these things work.”
Additionally, Cardano’s growing popularity and network upgrades support its expansion and development, enhancing its users and developers. Given its utility and the breakout above the key level, Cardano may tempt investors to test it as a potential investment.
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