Cardano Could Surpass Ethereum, Says Top Analyst
According to leading analyst Dan Gambardello, Cardano (ADA) can surpass Ethereum, which is driven by strategic partnerships and key technical developments. Gambardello predicts that ADA’s growth will continue as these factors significantly influence its momentum. Major Partnerships Propel Cardano’s Bullish Outlook Gambardello pointed out that potential collaborations with major networks such as Bitcoin, Ripple, Stellar, and Dogecoin are fueling Cardano’s rise. Influential figures, including Jed McCaleb, founder of Stellar, and Ripple CEO Brad Garlinghouse, have voiced support for Cardano’s future. Charles Hoskinson, the founder of Cardano, has taken proactive steps to strengthen these partnerships. He recently shared plans to hire a team dedicated to making Cardano the leading platform for Bitcoin decentralized finance (DeFi). This strategy aims to leverage Bitcoin’s capital and integrate ADA into the DeFi ecosystem, a move Gambardello describes as “game-changing” for ADA’s long-term potential. Read Also: Shytoshi Kusama Outlines Goals for 2024 Ecosystem Strategy Cardano’s Growing Influence Could Overtake Ethereum Gambardello suggested that Cardano’s growing network of collaborations and partnerships with Bitcoin and other prominent networks could allow ADA to surpass Ethereum in the coming years. The analyst emphasized that the market may still be underestimating ADA’s true potential and urged the community to adjust its expectations based on these developments. Cardano’s Technical Indicators Show Promising Growth On the technical front, Gambardello highlighted that ADA attempts to break out of a symmetrical triangle pattern with a potential price target of $0.90. However, he recommended caution as a short-term pullback may be likely. ADA may face consolidation and a possible retracement to the $0.58–$0.60 range before it continues its upward momentum. Gambardello noted that such resets are essential for long-term, sustainable growth, aligning with patterns seen in previous cycles. Long-Term Outlook for Cardano Remains Strong Gambardello remains confident in Cardano’s long-term prospects despite the possibility of short-term consolidation. He believes that the macro landscape for Cardano is strong, and investors who exercise patience will be rewarded. As the bull run enters a new phase, Gambardello is optimistic that Cardano will become a leading force in the cryptocurrency market. Cardano’s Surge Continues: Impressive Growth Over Two Weeks At the time of writing, Cardano is trading at a multi-year high of $0.8331, following a 14% surge in the past 24 hours. This recent growth adds to ADA’s impressive performance over the past two weeks, showing a remarkable 134% increase. With solid fundamentals and growing investor confidence, Cardano’s future looks promising as it continues its journey towards more significant market influence
Cardano Reaches Over Two-Year High Amid Bullish On-Chain Metrics
The price of Cardano (ADA) has surged to levels last seen in May 2022, driven by on-chain solid metrics. A more than 10% rally was recorded on Wednesday, continuing ADA’s bullish momentum. Key metrics, including whale transactions, trading volume, and open interest, have reached record highs. This growth suggests a sustained upward trend for the cryptocurrency. Bullish Indicators from Cardano’s On-Chain Data Positive on-chain data has supported the recent rally in Cardano. Information from Coinglass shows that open interest (OI) for ADA futures rose sharply this week. The OI value increased from $585.37 million on Monday to $717.22 million by Wednesday, marking the highest since November 2021. Rising open interest indicates the influx of new funds and buying activity, reinforcing a bullish outlook. Read Also: Dogecoin Struggles at $0.40: Will It Reclaim Its Monthly High? Santiment data reveals that daily trading volume for Cardano has reached $52.26 billion, the highest in seven months. Additionally, whale transactions are at a six-month peak, highlighting increased interest from large investors. Cardano Targets the $1.00 Mark as Momentum Builds Cardano’s price has seen a remarkable 140% rally since early November, trading at $0.837 at the time of the latest report. If the price closes above the critical $0.854 level, representing the 61.8% Fibonacci retracement from the $1.245 high in April 2022 to the $0.221 low in June 2023, a push toward the $1.00 psychological level is expected. However, caution is advised as the Relative Strength Index (RSI) on the weekly chart has reached 77, exceeding the overbought threshold of 70. Traders are warned of a possible pullback if RSI momentum begins to weaken. Cardano’s Market Outlook: Opportunities and Risks Ahead While Cardano’s bullish metrics present promising opportunities, market dynamics may introduce risks. The current RSI level indicates a heightened likelihood of a price correction. Investors are encouraged to monitor key resistance levels closely and adjust strategies accordingly. A sustained close above $0.854 would likely drive further gains, while failure to maintain momentum could signal consolidation. Cardano’s Price Rally Supported by Strong Metrics Cardano’s rise to a two-year high has been underpinned by increased whale activity, higher trading volume, and rising open interest. The $1.00 mark remains a critical target, dependent on maintaining upward momentum. Investors should remain cautious due to overbought conditions in the RSI. Whether Cardano continues its rally or enters a correction phase will depend on how these technical and on-chain factors evolve in the coming days.
Cardano Breaks Resistance Levels, Fueled by Whale Interest
Cardano (ADA) has shown a clear divergence from the broader altcoin market, spurred by a rise in whale activity and transaction volume. On-chain data reveals ADA’s transaction volume hit $52.26 billion this week, marking a seven-month high. Meanwhile, whale transactions exceeding $100,000 surpassed 8,900 for the second consecutive week, reaching a six-month peak. These metrics point to intensified accumulation by large holders, driving ADA’s momentum. ADA Surges Past Key Resistance Levels ADA’s price has risen to around $0.83, breaking critical resistance levels. The token now approaches its eight-month high against Bitcoin, a level unseen since June. Historically, similar spikes in whale activity preceded a 26% surge in the ADA/BTC pairing, making this development noteworthy. Related article: Cardano Rallies as Founder Charles Hoskinson Pledges to Engage with Lawmakers in Washington, D.C. Technical analysis supports ADA’s bullish run. A surge in volume has propelled the token above its moving averages, signaling strength. Although the Relative Strength Index (RSI) edges toward overbought territory, its upward trend suggests that bullish momentum remains strong. Support Levels Offer Stability Key support zones at $0.56 and $0.44 could stabilize ADA during potential pullbacks. These levels have previously attracted substantial buying activity, positioning them as potential accumulation points for investors. Source: CoinMarketCap A decisive break above $0.85 could open the door to a rally toward the psychological $1.00 level. Current whale activity and transaction metrics strongly indicate such a move is likely. Cardano’s decoupling from the altcoin market, coupled with growing whale activity, suggests continued growth. Investors should closely monitor transaction volumes and large trades to gauge ADA’s next move. If the trend holds, ADA could emerge as one of the market’s top-performing assets in the near term.
Cardano and SpaceX: Could Blockchain Innovation Be in the Works?
The recent visit of Charles Hoskinson, Cardano’s founder, to SpaceX headquarters has fueled speculation about a possible collaboration. Though details remain under wraps, the trip has sparked interest across the blockchain and aerospace communities. SpaceX and Cardano: A Meeting Cloaked in Secrecy Hoskinson recently shared insights from his visit to SpaceX’s California facility through a YouTube vlog. While he praised the team’s efficiency and passion, much of the discussion remains undisclosed due to a non-disclosure agreement (NDA). He admired the pace of innovation at SpaceX, noting, “They build a rocket every two days!” Despite the enthusiasm, details of the meetings were kept a secret, leaving room for speculation. Observers are left wondering whether blockchain technology could play a role in SpaceX’s operations or future missions. Read Also: Shiba Inu (SHIB) Breaks Free from Long-Term Downtrend The NDA: What It Could Mean for Cardano’s Future The signing of an NDA by Hoskinson has intensified curiosity. Questions about how Cardano’s blockchain technology might intersect with SpaceX’s goals are being raised. Potential applications include tracking resources, securing mission-critical data, or managing supply chains for space missions. Blockchain’s transparency and security have proven invaluable across industries. If SpaceX adopted Cardano’s technology, it could signify a groundbreaking use case in aerospace innovation. While specific details remain unknown, the possibility of a collaboration between Cardano and SpaceX excites the community. ADA Token’s Performance Amid the Speculation Cardano’s ADA token has seen significant price momentum during this period of speculation. Over the past week, ADA’s value has surged nearly 70%, pushing its market capitalization beyond $26 billion. This rally reflects growing optimism among investors who view Cardano’s expanding ecosystem and innovative contract capabilities as long-term value drivers. With ADA’s performance and the potential for innovation in fields like space exploration, the ongoing momentum may only represent the beginning. Cardano’s DeFi projects and continuous development provide a foundation for further growth. Cardano’s Role in Pioneering Blockchain in Space Exploration The possibility of a partnership with SpaceX could redefine blockchain’s role in cutting-edge industries. While no details have been confirmed, discussions have captivated the attention of blockchain enthusiasts and space technology experts. As the Cardano community watches closely, a collaboration with SpaceX could position Cardano as a transformative force in blockchain applications for the aerospace sector. Whether this will materialize remains uncertain, but the potential implications are compelling.
Cardano Rallies as Founder Charles Hoskinson Pledges to Engage with Lawmakers in Washington, D.C.
Cardano’s token, ADA, has reached its highest price since April 2024, spiking by 33% to a high of $0.64 before stabilizing around $0.59. This surge was driven by founder Charles Hoskinson’s announcement that he plans to work with U.S. lawmakers on cryptocurrency policy. Hoskinson’s Upcoming Role in U.S. Crypto Policy and Its Impact on Cardano Renowned for his role in co-founding Ethereum before establishing Cardano, Hoskinson recently announced his intention to become an active policy adviser on cryptocurrency issues in 2025, following the anticipated election of Donald Trump. “A large part of my time in 2025 will also be devoted to the political process,” Hoskinson shared in a video. Although he has not yet taken an official position, Trump’s campaign has expressed an openness to input from crypto industry leaders regarding future regulatory developments. Read Also: Shiba Classic ($SHIBC) Launches Wednesday, Backed by Early Investors and Whales Cardano’s Shift Towards a Bitcoin Layer-2 Solution Hoskinson has also unveiled a strategic pivot for Cardano, branding it as a Bitcoin layer-2 solution. This approach would leverage Bitcoin’s security and liquidity to support faster transaction processing, reflecting Cardano’s adaptability within the broader crypto ecosystem. Development of Midnight Blockchain for Enhanced Privacy Cardano is making significant strides with the development of a new partner blockchain called “Midnight.” According to Input Output Global’s CTO, Romain Pellerin, Midnight is scheduled for release next year and will feature advanced privacy options, including selective disclosure capabilities. Cardano’s stake pool operators, who maintain the network’s proof-of-stake consensus, will play a key role in supporting these privacy features. Cardano’s Governance and Rewards for Stake Pool Operators The governance model for Midnight will be integrated with Cardano’s existing network, allowing stake pool operators to earn rewards in $Night tokens. This integration between Cardano’s operators and Midnight’s privacy enhancements highlights Cardano’s commitment to decentralized governance and technological innovation.
Cardano (ADA) Sets New Transaction Record in October
In October, Cardano (ADA) marked a significant achievement with an unprecedented surge in transaction volume. Reports reveal that the network recorded its highest transaction levels, reflecting growing interest in Cardano’s expanding ecosystem. This rise underscores Cardano’s potential to establish itself as a major player in the blockchain industry as it continues to build its ecosystem and attract new users and projects. Read Also: Inside Cardano: Charles Hoskinson’s $450 Million Commitment to Blockchain Growth Exponential Growth Observed in Cardano Activity A remarkable increase in Cardano’s network activity has been observed, driven by recent upgrades, including the Hydra scaling solution and Plutus smart contracts. A post on X highlighted that the platform’s policies rose by 3,287, while 60,000 additional native tokens were minted in October. Plutus scripts also increased significantly, adding 3,358, which brings the total to 91,698. Moreover, the total number of Plutus transactions experienced a jump from 0.98 million to 97.92 million within the past month. Scaling Improvements Required to Meet Growing Demand The Plutus development team has been working on various updates, including revisions to the “Using Plutus TX” user guide section and submitting two proposals for built-in arrays and maps. However, the rising transaction volume has increased demands on the network infrastructure. As a result, Cardano’s development team faces added pressure to enhance scalability and maintain efficiency as usage grows.
Charles Hoskinson Reacts to Herd’s Bold Blockchain Aspirations
Charles Hoskinson, the founder of Cardano, recently reacted humorously to a new gaming project within Project Catalyst, a platform for community-driven innovation. Pierre Aceituno’s proposal outlines the development of “Herd,” a decentralized music and DJ battle game that combines blockchain, NFTs, and community governance. Herd’s Core Features: Blockchain, NFTs, and DJ Battles Herd aims to bring DJ battles into the blockchain world. It allows players to mix sound packs in real-time while competing against each other or AI opponents. These DJ battles are streamed live on Twitch, where users can earn rewards through active participation. The game heavily integrates NFTs, enabling artists to create and sell sound packs while earning royalties from both in-game purchases and secondary market sales. This system could create new and sustainable revenue streams for musicians and sound creators. https://t.co/cBAuyo8Rzy— Charles Hoskinson (@IOHK_Charles) October 13, 2024 Romain Pellerin, the CTO of Input Output, recently shared the ambitious proposal on social media. In response, Hoskinson posted a gif with the caption, “He’s gone mad with power,” humorously referencing the boldness of Aceituno’s vision for Herd. The light-hearted exchange highlighted the potential excitement surrounding this innovative project. Herd’s Dual-Token Economy and DAO Plans The game will operate using a dual-token economy. A stable utility token will be used for purchasing in-game assets and entering tournaments. Meanwhile, a governance token will allow players to vote on decisions regarding treasury allocation and future game development. Herd also plans to establish a Decentralized Autonomous Organization (DAO) in Japan. Related article: Charles Hoskinson Surprised by Bitcoin-Cardano Bridge Development This DAO will manage intellectual property, oversee project development, and handle treasury operations, ensuring sustainability and rewards to creators. Moreover, the Herd project plans to partner with several community initiatives, including HOSKY Token and NMKR, to increase visibility and drive early adoption. It will also integrate with the Paima Engine to enable smooth blockchain interactions. Herd’s NFT management will depend on Midnight’s technology, with the project set to launch once the Midnight mainnet goes live. However, if necessary, the team has a backup plan to launch on the Cardano mainnet.
