Cheeky Crypto has predicted that ADA could rally as much as 10,689% to hit $31 in the long term.
Renowned crypto analyst Cheeky Crypto has made a bold prediction on Cardano’s (ADA) price. In a recent YouTube video, Cheeky Crypto speculated that the ninth-largest cryptocurrency by market capitalization could rally as high as 10,689% in the long term.
ADA to Hit $31 in Long-Term
According to the crypto analyst, this rally could see ADA reach a whopping $31 in the long term. Additionally, the analyst also predicted a more conservative upward price range for ADA.
In the video, Cheeky Crypto said ADA could surge conservatively within the ranges of $3.48 to $10.50. It bears mentioning that ADA’s previous all-time high was at $3.09, and the coin achieved this feat on September 2, 2021.
Cheeky Crypto’s prediction comes as ADA continues to trade below $0.30. At the time of writing this line, ADA is changing hands at $0.28, up 1.8% over the past 24 hours.
Interestingly, Cheeky Crypto does not seem bothered by ADA’s low price, as he speculated that the coin would put smiles on investors’ faces in the long term.
Meanwhile, the analyst warned investors that ADA could experience a potential short-term price drop. Per Cheeky Crypto, ADA could plunge to $0.151 and $0.1817 price levels in the short term.
He called attention to the fact that Cardano is down over 92% from its all-time high. However, the analyst noted that this reality suggests that Cardano is currently undervalued at its current position. This fact indicates that the asset has enough room for growth.
Cardano’s Surging TVL Could Propel Rally
Notably, Cheeky Crypto’s audacious prediction for ADA is fueled by several factors, including Cardano’s surging total value locked (TVL). He emphasized that Cardano was not seeing as much ecosystem development as it is seeing now when it hit the all-time high.
Cardano’s TVL has experienced tremendous growth since the beginning of the year. As reported earlier by Crypto Basic, Cardano’s TVL spiked by 9.7% to reach $151.7 million in Q2 2023.
The tremendous growth saw Cardano rank as the 21st network in terms of blockchains with the highest TVL. At press time, the total value locked on Cardano currently sits at around $179 million, according to DeFiLlama data.