Crypto analyst Ali Martinez is optimistic about Cardano ( ADA ) and anticipates “new yearly highs.”
The cryptocurrency achieved a landmark feat in decentralized finance (defi), securing a spot in the top 10 platforms by total value locked (TVL) and reaching a recent peak of $343 million.
Cardano's (ADA) defi ecosystem is busy
ADA's significant price spike , from $0.4 to $0.5, has injected more than $100 million into the ecosystem, bringing the cumulative TVL to $361 million. This growth has pushed Cardano to ninth place by TVL, surpassing networks such as Bitcoin, Base, and Cronos.
Ali Martinez, a crypto analyst, wrote on X that Cardano is currently in a critical demand zone ranging from 37 cents to 38 cents.
In this zone, 166,470 wallets have collected 4.88 billion ADA. Given the lack of significant resistance and substantial support, maintaining a position above this range might open the door for Cardano to reach a “new yearly high.”
However, caution is advised, as a fall below this support level could potentially trigger a short-term correction to 34 cents, he further stressed.
Cardano's expansion in the defi domain is driven by a variety of protocols, including its Indigo, a CDP protocol that has a TVL of $84.92 million.
Other notable projects are Minswap , a decentralized exchange with a TVL of $79.8 million, Liqwid (lending protocol), Djed Stablecoin (decentralized stablecoin), and MuesliSwap (DEX ). These protocols demonstrate the variety of defi solutions available within the Cardano ecosystem.
The market responded to Cardano's recent achievements with optimism and enthusiasm. Both market players and experts anticipate a rapid rise towards the $1 mark.
Amid positive changes in sentiment and market dynamics, Cardano and its investors can anticipate better prospects, potentially reaching the coveted $1 milestone.
