Cardano’s Bullish Trajectory: Top Crypto Analyst Forecasts ADA Price to Hit $31 Mark

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In a surprising turn of events, Cheeky Crypto has taken the crypto community by storm with a bold prediction for Cardano’s future performance.

According to an expert analyst, ADA, the native cryptocurrency of the Cardano blockchain, could potentially reach an astonishing $31 in the long run. But that’s not all – the analyst has also outlined a more conservative range for ADA’s upward movement.

Cheeky Crypto Analyst Predicts ADA’s Price Surge to $31 in the Long Run

A prominent crypto analyst Cheeky Crypto has made a remarkable prediction for ADA’s future trajectory. In his recent youtube video, Cheeky Crypto elaborated that ADA could experience a significant price surge within the range of $28 to $31 mark in the long run.

He further mentioned that looking back to the prior performance and market dynamics, we’re observing a spectrum of growth, with possibilities spanning from $3.48 to $10.50. Apparently, Cheeky Crypto’s prediction comes while ADA is currently being traded for $0.297. 

On the other hand, the analyst cautioned that ADA might go through a short-term drop in its price due to market price correction. According to Cheeky Crypto, ADA could go down to levels between $0.151 and $0.1817 for a little while.

The analyst drew attention to the fact that Cardano’s price has gone down a lot, more than 92%, from its highest point ever. However, the analyst pointed out that this could actually mean that Cardano is worth more than it’s being valued at right now. This suggests that there’s a good chance for Cardano’s value to grow.

Cardano’s Strong TVL Surge Could Drive an Upward Movement

He further highlighted that Cardano’s TVL has shown remarkable expansion since the start of this year. As earlier reported, Cardano’s TVL surged by 9.7% and reached a milestone of $151.7 million in the second quarter of 2023. This significant growth pushed Cardano to the 21st spot among the top networks with the highest TVL in blockchains. 

As per the present data showcased by DeFiLlama, the total value locked on Cardano stands at approximately $180.25 million. However, Cardano’s TVL rise showcases growing confidence in its potential, as this surge could be a forerunner to a broader rally.

While the prediction raises eyebrows, it’s evident that Cardano’s surging TVL is setting the stage for a potential rally, igniting discussions within the crypto community about the future trajectory of this blockchain project.