- A renowned analyst has predicted that Cardano (ADA) could stage an explosive run to $10, thanks to five key catalysts, including the potential approval of the ADA ETF and the Leios upgrade.
- The recent Bitcoin DeFi integration on Cardano is also expected to attract billions of dollars to send its Total Value Locked (TVL) to a significant height.
Cardano (ADA) has lost 6% of its value in the last 24 hours, declining from $0.75 to $0.70 to extend its weekly fall to 11%. Contrary to this trajectory, traders’ interest remains fairly high as the daily trading volume increases by 44% to $972 million.
Amidst this bearish market outlook, Cardano’s Lace Wallet has rolled out a protocol that could make it easier for Bitcoin users to access Decentralized Finance (DeFi) functionalities.
Commenting on this, analysts highlighted that the price could react to this in the medium term to hit $10, a move that represents a staggering surge of 1,233% from the current level. However, Cardano stake pool operator Sssebi believes that the Bitcoin DeFi integration would need to align with four other crucial catalysts to push the price up the curve.
Explaining this to his 22k followers, Sssebi highlighted the success of the Cardano ecosystem in providing a bridge for Bitcoin holders to leverage assets. Earlier, Cardano co-founder Charles Hoskinson explained that this initiative would significantly attract trillions of dollars to increase its Total Value Locked (TVL) to four times the combined value of both Ethereum and Solana.
Secondly, Sssebi believes that the Midnight airdrop could be a key catalyst to this predicted upsurge. According to him, this exercise could attract an average of 37 million users to the network.
Thirdly, a potential approval of the Cardano Exchange Traded Fund could also attract billions into the market and send the price skyrocketing. As mentioned in our previous news brief, the US Securities and Exchange Commission (SEC) could make a decision on the spot ADA ETF on May 29. However, some analysts have disclosed that the SEC could extend the deadline by another 45 days.
According to our recent update, the third deadline for the Commission to make a decision on the Grayscale Cardano Trust is currently set for October 19.
The Fourth and the Fifth Catalysts for Cardano’s (ADA) Growth
On the fourth catalyst, Sssebi pointed out the earlier announcement of a US crypto reserve, which is expected to be made up of five assets, including ADA. According to Sssebi, this could play a crucial role in the 1233% surge to the predicted price point.
Finally, the much-anticipated Leios upgrade, which is expected to go live next year, could also fuel the price growth. As noted in our previous blog post, this upgrade would improve the network’s throughput as well as its processing capabilities.
Based on our research, this initiative would increase the transaction speed to 11,000 Transactions Per Second (TPS) and also replace the single-block structure with a parallel block processing system.
Even without focusing much on these five price-determining factors, another analyst, called Dan Gambardello, has predicted that ADA could hit $10, as discussed earlier. Meanwhile, the asset has been predicted to be 50% cheaper in the near term, as highlighted in our previous publication,
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