In the midst of recent challenges faced by Cardano, a well-known analyst has pinpointed four crucial developments that could propel ADA to a staggering 600% increase, reaching $3 by the end of the year.
Cardano (ADA) has been struggling to keep up with the bull market, with its value hovering below the psychologically important $0.50 mark. The ongoing market downturn has further weakened ADA’s position, putting it at risk of dropping below $0.40.
Despite ADA’s continuous decline from its previous high of $1, there is still optimism surrounding its future prospects. Sebastian, a respected analyst, has recently expressed his belief that ADA could hit $3 before the year ends.
Reaching $3 would mark a significant milestone for Cardano, as it has not reached this value since the peak of the 2021 bull run. With ADA currently trading at $0.4322, it is still a long way off from its all-time high of $3.10 in September 2021.
Achieving this target within the next six months would require ADA to surge by over 600%, a challenge given the lack of such a substantial rally during the current bull market. The analyst’s bold prediction is based on four upcoming developments within the Cardano ecosystem.
Four Catalysts Expected to Propel Cardano to $3 in 2024
At the top of the list is Cardano’s recent partnerships with various public entities in Argentina.
Cardano’s Collaborations in Argentina
On June 5, the Cardano Foundation entered into a partnership with Entre Ríos, a collaboration formalized by Governor Rogelio Frigerio and Cardano’s business development officer Rafael Fraga. This partnership aims to incorporate blockchain technology into public administration, facilitating digital transformation.
Shortly after, J.J. Siler, the Chief of Staff of IOG, signed a memorandum of understanding with the University of Buenos Aires. This agreement is geared towards organizing a constitutional convention to explore blockchain applications using Cardano.
These partnerships are expected to boost Cardano’s adoption in Argentina by showcasing its practical applications in public administration.
Chang Hard Fork
The upcoming Cardano Chang Hard Fork has been touted as a major upgrade for the Cardano blockchain, scheduled for release this month. This hard fork is expected to usher in a new era of decentralized governance for Cardano.
Cardano is currently in the Basho era, which introduced Hydra. The next phase is the Voltaire era, the final stage of its roadmap, focusing on achieving complete decentralization through community governance. The Chang hard fork serves as the initial significant step in this phase.
New dApp Launch and 1.5B ADA Unlock
Additionally, the analyst emphasized the launch of new decentralized applications (dApps) on Cardano and the upcoming unlocking of 1.5 billion ADA tokens from the treasury. These tokens will be allocated towards ecosystem growth and adoption, crucial factors that could support Cardano’s journey towards $3 this year.
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