Cardano has long been trading at an average level between $0.35 and $0.45. The token is yet to break into a bullish streak. Cardano’s price is considered very low now. Investors are worried about its slow growth. The question is: Can Cardano improve its performance this year? Let’s find out!
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Cardano ADA Continues Its Peak On-Chain Performance
Despite ADA’s slow price approach, ADA continues to perform at its best on-chain performance. According to the data shared by Into the Block, Cardano continues to process nearly $7.2 billion in transactions daily. The data indicates Cardano’s stable position despite the token’s moderate price performance and approach.
“It’s also important to highlight that Cardano settles approximately $7.2 billion daily in on-chain volume—a figure surpassing many other networks. This results in an impressively low NVT ratio of just 2.62, which could indicate ADA is undervalued.”
Competition and User Base
The platform later outlines how Cardano faces stiff competition from competitors like Solana and Base. While ADA maintains a healthy consumer base, the blockchain struggles to attract new users. Cardano is undergoing a transformative phase despite the odds and can project a stable user base by beating the odds.
“During the last cycle, Cardano experienced significant growth… However, in the current cycle, the network faces challenges in attracting new users… So, what lies ahead for Cardano? Despite the slowdown in new users, the network’s transaction count and active user base have remained stable since April, indicating a committed community…”
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Long-Term Holders
More people are keeping their Cardano for longer. This shows many still believe in ADA’s future.
“Finally, the percentage of $ADA held by long-term holders is at an all-time high, with nearly 40% of the supply! This demonstrates a significant level of confidence from its holders.”
Cardano’s $1 Dream
ADA has lately been projecting a slow price approach. Despite being involved in multiple bullish phases, the token cannot break past its critical price barriers of $0.35–$0.45.
Despite ADA’s slow price momentum, several crypto portals predict a prosperous time for ADA soon.
According to CoinCodex, ADA can breach the $1 price mark by 2024.
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“Cardano is forecasted to trade within a range of $0.316774 and $1.101676. If it reaches the upper price target, ADA could increase by 222.86% and reach $1.101676.”