Does the ‘Cardano to $58’ projection hold any weight?

Lavina Daryanani
Source: Cardano Feed

Over the past year, the $1 mark acted as a strong support for Cardano [ADA]. Every time the token’s price dwindled, the said level has risen to the occasion and rescued the token from dipping further. In fact, even during May’s brutal crash last year, ADA managed to stay afloat, thanks to the $1 mark.

The past few days have been nothing less than a nightmare for the seventh-largest crypto. After shedding 13% of its value in a week’s time and losing its $1 lifeline, ADA was seen exchanging hands at a multi-month low of $0.909 at the time of press.

Do strong fundamentals vouch for a LT recovery?

Despite the not-so-bull favorable price movements, people from the community continue to remain optimistic about the future prospects of Cardano. As per comparison website and money app Finder’s latest poll, for instance, a panel of analysts predicted that the smart contracts-centric crypto will reach a price of $58 by 2030. Additionally, they also proclaimed that ADA would wrap up this year with a price of $2.72, jumping by approximately 160%.

The project’s fundamentals continue to remain strong and shield ADA’s long-term prospects. For instance, Cardano has been consistently been making notable strides on the scalability front. Since 1 January, the blockchain’s ledger size has substantially grown. Parallelly, Cardano has also been outpacing the likes of Ethereum, XRP, and Litecoin in terms of the on-chain activity. Owing to the same, this platform has been able to cling onto the second spot on this front with ease.

Source: Messari

In fact, as per data from Cardanoscan, the number of transactions executed on the Cardano blockchain has substantially increased over the past few days. The said metric was at its multi-week peak [162,295] at press time on Monday.

What’s more, Cardano’s native DEX SundaeSwap has additionally started gaining traction of late. In effect, its performance has drastically improved. When compared to 21 January’s $21 million, SundaeSwap now already boasts of a hefty TVL of more than $120 million.

Source: DeFiLlama

Well, the aforementioned datasets do vouch for a bright future for Cardano. In fact, Finder’s $2.72 prediction might not be too far-fetched to achieve, given the fact that ADA has already visited the said range during its last bull run that concluded in September ’21. However, its $58 projection for 2030 does seem to be overly optimistic, for ADA’s market cap would have to balloon up substantially for that to materialize.