According to CryptoPotato, Cardano's NFT sales volume has shown significant growth recently, reaching nearly $9 million, a 60% increase. Despite this, the price of ADA, Cardano's native token, has declined over the past month. However, some analysts predict a potential price increase for ADA in the near future.
Ethereum continues to lead the NFT market with approximately $327 million in volume, but this figure represents a 25% decline on a monthly basis. Total value locked (TVL) on Cardano and on-chain trading volume have also been well above the numbers observed at the beginning of December. The former currently stands at over $330 million, whereas the latter points to $6.5 million.
Despite the growth in NFT sales volume and other financial metrics, the price of ADA has been on a downward trend, plunging by over 18% in the past 30 days. However, some analysts remain optimistic that ADA could experience a bull run in the near future. Twitter user Lucid recently praised Cardano's technology, community, and blockchain and set a price target of $10. The host of the educational YouTube channel Coin Bureau also laid out a bullish forecast, envisioning ADA spiking to $1, citing the weekly chart suggesting a potential bull flag and the next significant zone of resistance at $1.
