Cardano (ADA) saw a 2% price surge today, buoyed by market optimism and recent positive developments in the crypto space. Despite expert predictions, the goal of reaching $1 in the next 70 days remains challenging. However, long-term bullish sentiment persists, driven by factors such as increased whale activity, network upgrades, and a broader market rally.
Why is Cardano Price Rising?
Several factors are driving Cardano’s recent price increase. One of the key reasons is the overall positive momentum in the broader crypto market, which has lifted prices for many top altcoins.
Another contributing factor is the notable increase in ADA whale activity. Data from IntoTheBlock shows a significant uptick in large transactions involving Cardano, suggesting high trading volume and growing market confidence.
Cardano has also gained attention since early September following the successful implementation of the Chang Hard Fork. This upgrade is a major milestone for the network, enhancing its appeal to investors seeking decentralized solutions. Anticipation surrounding the next Cardano upgrade, revealed by founder Charles Hoskinson, has further boosted market sentiment. Hoskinson announced plans to “massively improve” the network, following the unveiling of the Ouroboros Peras protocol.
Additionally, the ongoing Cardano Summit in Buenos Aires, Argentina, has created significant buzz in the community. With keynote speaker and crypto advocate President Javier Milei highlighting Cardano’s importance, the event has reinforced positive sentiment around the project.
Will Cardano Hit $1 in the Next 70 Days?
While Cardano’s recent price surge reflects growing confidence among investors, reaching $1 within the next 70 days appears ambitious. At its current price level, ADA would need substantial gains to hit this target.
Crypto market expert Dan Gambardello recently predicted an ADA rally to $0.50 by the end of October. If this happens, Cardano could potentially target $1, but it would likely require more time to achieve such a substantial increase. Another market analyst also noted that Cardano’s price may be bottoming out, signaling the potential for a rally in the coming days.
At present, ADA is trading at $0.3543, up 2.34% in the last 24 hours, with its trading volume down 22% to $195.64 million. Despite the upward movement, breaking past the $1 mark will require strong and sustained momentum.
