26 August 2024
Cardano (ADA) has been stuck in a challenging position for the past few years, struggling with stagnant price growth despite being one of the most popular altcoins in the space. A crypto analyst has offered insights into why Cardano has underperformed while also maintaining an optimistic outlook and predicting a 1,000% rally to new highs this cycle.
Cardano On The Verge Of A 10X Rally
Crypto analyst Max Maher recently released a YouTube video predicting that Cardano could witness a 3X, 5X or 10X surge soon. The analyst highlighted several reasons why he believes the underperforming altcoin could witness such a significant price increase.
Maher disclosed that during the last crypto bull run in 2021, Cardano was one of the top bullish altcoins, skyrocketing to an all time high of $3.10 at the time. Following this substantial price leap, the cryptocurrency and other major coins slumped drastically. However, unlike other coins that have witnessed steady price gains in 2024, Cardano still struggles to recover from bearish sentiment.
According to CoinMarketCap’s data, Ethereum (ETH) has risen by an impressive 65.58% since the beginning of the year, currently trading at $2,735. Solana (SOL) has witnessed an even more dramatic increase this year, jumping 682.08% to trade at $159.20. In contrast, Cardano has recorded a modest year-to-date increase of just 45.54%, trading at $0.37 amidst bearish trends.
Maher has revealed that for Cardano to break out of the bearish territory and see a 1,000% rally to new all-time highs of $4.29, the cryptocurrency’s community sentiment will need to undergo a major change. He asserted that positivity fuels success, indicating that if the community’s sentiment towards Cardano becomes more favorable, the cryptocurrency could experience a rise in adoption, potentially triggering a substantial price increase.
As an example, the analyst observed a significant shift within the Cardano ecosystem following a post he released on X (formerly Twitter) in May, which underscored the impacts of negative comments on the price of ADA. The analyst revealed that the positive change in sentiment has continued to this day.
From this observation, the analyst suggested that Cardano needs an improved perception of its narrative and brand to drive a price increase. He highlighted that the cryptocurrency already has a rock-solid foundation and is supported by a highly secure and efficient network.
Key Factors Behind Cardano’s Persistent Slump
While sharing his optimistic outlook for Cardano’s future price, Maher also offered key insights on why the cryptocurrency has experienced such a severe and prolonged price slump.
He highlighted three major reasons for Cardano’s underperformance. Firstly, Maher disclosed that, unlike Ethereum and Solana, Cardano lacked a compelling “core narrative.” This means that beyond its high level of security and reputation as an efficient blockchain network, Cardano lacked a strong, distinctive selling proposition that set it apart from other cryptocurrencies.
While Ethereum has Spot ETFs, and Solana has meme coins to drive its price, Cardano only had its core functionalities. Additionally, Maher revealed that Cardano’s sophisticated values and fundamentals were difficult for investors to fully comprehend. Finally, he emphasized that Cardano lacked robust and positive community engagement, which is essential for driving its price higher.