Cardano (ADA) Price Is Ready for 10x Growth, According to This Crypto Market Analyst

Such gains will be driven by positive social sentiment and rising network activity.

Cardano price is poised for 10x growth potential, according to one crypto market analyst. Such gains will be driven by positive social sentiment and rising network activity, the analyst said.

In a video posted on Twitter, analyst Max Maher said that ADA could “be a darling in the next bull run.” He admitted that ADA had underperformed this year in comparison to rivals like Ether and Solana. However, once the right fundamentals are in place, the coin will potentially outpace the market and lead the next bull cycle.

ADA price rose by around 5% over the past 24 hours. The tenth-largest crypto by market cap was trading at $0.33 at the time of writing.

Community, Development to Boost ADA Price

Social sentiment will be a key factor in driving ADA’s future price moves, according to analyst Maher. He noted that ADA has lagged behind other cryptos in performance this year due to the lack of a vibrant community engagement on platforms such as Twitter.

His remarks are confirmed by data from Santiment showing that Cardano’s social dominance has been remarkably low this year. The network’s social dominance for July remained below 1%, indicating low attention for the token across social platforms.

Cardano’s social dominance spiked to yearly highs in early June amid news of the Chang hard fork upgrade. As ZyCrypto reported, this upgrade will usher in a new era for Cardano that could see the token become among the contenders for spot crypto exchange-traded funds (ETFs) in the US.

Analyst Maher also believes that investor interest in Cardano could be driven by more projects building on the blockchain. Meme coins have played a key role in driving Solana’s growth, and the same could be felt for ADA.

“Cardano was a darling in the last bull run. It’ll likely be a darling again. And unlike Ethereum and Solana, which have enjoyed their time in the sun, Cardano is still early. The opportunity here is insane,” he stated.

Crypto Market Dip Is a Buying Opportunity for ADA

The ongoing correction across the crypto market signals a good buying opportunity for Cardano, according to ADA Whale on Twitter. The crypto market cap is down 14% in 24 hours, with all the top-ten cryptos posting double-digit percentage declines.

The analyst noted that the recent crypto market bubble, driven by meme coins and ETFs, had burst. However, Cardano’s fundamentals remained unchanged, paving room for gains once the market recovers.

“The market is about to enter the non-frivolous phase of crypto and that’s where Cardano thrives. I’ve always been consistent in saying the value of crypto is in being an alternative currency,” the analyst stated.

The above is the detailed content of Cardano (ADA) Price Is Ready for 10x Growth, According to This Crypto Market Analyst. For more information, please follow other related articles on the PHP Chinese website!