The price of the native token of the Cardano network, ADA, could surge more than 50% toward the $1.5 mark once it manages to break through a key resistance level it’s currently approaching.
ADA has seen a more than 8.7% correction over the past week to now stand just above the $1 mark, having seen a low around $0.95 before it managed to recover. The cryptocurrency is up around 11.4% over the past month, having seen a 52-week high around $1.3 last month.
Popular cryptocurrency analyst Ali Martinez has recently suggested in a post on the microblogging platform X shared with his over 118,000 followers that ADA “will reach $1.50 once the $1.10 resistance breaks.”
Cardano, as reported, has seen significant growth in its activity, which recently saw it top the 50,000 daily active addresses mark at a time in which the price of the cryptocurrency has been enduring a significant downturn. On top of that, whales on the Cardano network have recently been accumulating the cryptocurrency, having acquired over 100 million ADA tokens in around two days last.
Cardano is experiencing several significant developments. Notably, the Plomin hard fork, a major upgrade that builds upon the Chang hard fork in September, empowers ADA token holders to directly participate in the protocol’s future through its governance system.
By delegating their voting power to Delegated Representatives (DReps) or assuming the role of DReps, ADA token holders gain the ability to vote on-chain. Beyond governance, the hard fork introduces various technical enhancements, including new Plutus primitives that enhance smart contract functionality and provide improved support for Stake Pool Operators.
Featured image via Unsplash.
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