Widely followed market commentator Dan Gambardello reveals an insanely bullish projection for Cardano (ADA) in the upcoming bull market, predicting an 11-fold price increase.
According to Gambardello, reclaiming the $3 milestone and rallying to $7 are not overly ambitious targets for ADA. Interestingly, he also noted that even a $14 price point, which would require an astonishing market cap of $500 billion, is not out of reach for Cardano.
He believes a supercycle is unfolding, making these projections realistic for the cryptocurrency.
Cardano Path to a $500B Market Cap
At present, Cardano is struggling at the $1.10 price point, having lost 7% in the past 24 hours. To reclaim its previous all-time high of $3.10, ADA would need to increase by 182%.
Recall that in November, Cardano surged by 257%, growing from $0.3214 to a two-year high of $1.1471. According to pundits, this impressive performance makes a run toward $3 much less daunting.
However, reaching $7 presents a more challenging goal, as it would require a 536% price increase from the current level. Notably, at this price, Cardano’s market cap would rise to around $245 billion.
Likewise, the $14 price would require ADA to experience a massive 1,172% price surge from its current level.
Can ADA Soar 1,172% This Cycle?
While the necessary gain appears formidable, some Cardano proponents argue it is even conservative, considering the asset’s performance during the last bull market.
One commentator on Gambardello’s bullish post pointed out that ADA saw an extraordinary 17,364% increase from the bottom of the last cycle to its all-time high.
For context, ADA hit its cycle’s lowest point at $0.01913 in March 2020, but by September of the following year, Cardano had reached $3.161. This represented approximately a 164-fold price increase in just one cycle.
Essentially, ADA enthusiasts believe that, based on historical performance, even the $14 price target is conservative.
Other Bullish Factors for Cardano
In addition to its historical performance, proponents express confidence in Cardano’s prospects for this cycle due to technological advancements that were not present during the last bull run when ADA experienced significant growth.
These advancements include recent collaborations with Bitcoin, Ripple, Stellar, and Dogecoin. In addition, influential figures like Ripple’s Brad Garlinghouse and Stellar’s Jed McCaleb are showing support for Cardano.
Charles Hoskinson, Cardano’s founder, has also announced plans to form a team dedicated to making Cardano the dominant platform for Bitcoin DeFi, which could drive substantial growth. Furthermore, the network is working with universities and countries like Argentina.
Cardano supporters view these partnerships as strong, bullish indicators. Commentators like Gambardello argue that ADA has the potential to even surpass Ethereum this season. In his view, ADA’s potential is still underestimated.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
