Cardano (ADA) is currently in a sustained bull market rebound, with its price soaring 4.74% to $1.0478 within 24 hours. Although Cardano traded below $0.3 for most of the past year, the token now has the potential to reach historical highs above $3.099.
The performance outlook of ADA over the past 52 weeks has shown sufficient promise. The question now is whether it can soar to the $10 price point during the current bull market cycle. Optimistic analysts still believe that, despite breaking the psychologically important level of $1, this is just the beginning for ADA's price.
To elevate Cardano to $10, here are the key factors to watch for in the future;
1. The influence of Cardano whales
ADA is one of the most favored cryptocurrencies among large buyers. Despite this metric dropping by 11% within 24 hours according to IntoTheBlock data, the cumulative trading volume reached $26.34 billion, surpassing Ethereum's $8 billion.
Cardano whale transactions recorded 26.09 billion ADA within 24 hours. Over the past week, the ADA held by whales surged from a low of 26 billion to a high of 41.83 billion.
This figure indicates that new liquidity is regularly entering the ecosystem. If this trend continues, it could help push the price of ADA to new highs soon.
2. Ecosystem upgrades and growth fundamentals
Meanwhile, Cardano has long been among the most active Layer-1s in developer activity. The protocol demonstrated this advantage during the hard fork upgrade of Chang on its mainnet in the past few months.
It is noteworthy that this upgrade brings the protocol into the era of decentralized governance, a pioneering initiative for the L1 ecosystem.
Additionally, Cardano recently announced testing activities for Hydra Doom. The protocol plans to push the limits of the Hydra scaling protocol by incentivizing large community participation.
It is worth noting that the upgrades and products of this ecosystem make the protocol more attractive. It can attract new users, drive the adoption of ADA, and ultimately help push the price of Cardano up.
3. Correlation with Bitcoin
As earlier reports from Coingape suggested, Cardano has a very close relationship with Bitcoin, with a correlation coefficient of 0.94.
This figure can help it align with the current rise in Bitcoin prices until it possibly reaches the $10 threshold. The impact of providing substantial capital to corporate buyers like MicroStrategy through spot ETF products gives BTC the opportunity to hit unprecedented highs.
If this prediction comes true, Cardano may also benefit from this huge sentiment, reaching a historical high of $10.
