Cardano’s native token ADA started 2023 on the front foot after a tumultuous 2022 that wiped away all its gains. ADA reached $0.40 from a low of $0.24 this year delivering decent returns to investors in January. However, the cryptocurrency is trading sideways in mid-February after facing resistance at the $0.40 level. The token is unable to push its weight above these levels and is retracing in price every time it nears the $0.40 mark. Investors are keen to see ADA reach $1 but reaching there seems to be a difficult task considering the weak global economy.
In this article, let’s find out the realistic chances for Cardano’s native token ADA to reach $1 in the coming years.
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Cardano: When Will ADA Reach $1?
The Cardano blockchain is buzzing with activities in 2023 as the network is in an expansion mode. The blockchain is attracting new projects after it upgraded to the Vasil hard fork in September last year initiating faster but lower-cost transactions to users. The network is seeing steady growth in smart contracts reaching a high of 4,803 projects up until February.
In addition, two new stablecoins will be launched on the Cardano network during Q1 of 2023. The first is the centralized stablecoin USDA which will be backed and pegged to the US Dollar 1:1. The second is stablecoin Djed, which is an asset created with Coti.
All these developments suggest that ADA reaching the $1 mark could be a cakewalk. However, the markets are in the bearish territory as talks of a recession are looming. This could stunt ADA’s growth making it head south in the indices rather than north.
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Machine-learning algorithm, Price Prediction has forecasted that Cardano’s native token ADA could reach $1 in 2025. The AI estimates that ADA could reach a maximum high of $1.18 in 2025 before retracing in price and heading back to $0.97. The on-chain metrics firm estimates that ADA could remain bullish post-2025 and attract newer investors into its fold.
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At press time, ADA was trading at $0.35 and is down 2% in the 24 hours day trade. It is also down 88.42% from its all time high of $3.09, which it reached in September 2021.