As Cardano (ADA) continues to dominate the development activity scene, the tenth-largest cryptocurrency based on market value might be gearing up for a major boost.
Taking on X, formerly Twitter, market analyst Javon Marks acknowledged that ADA was eyeing a breakout that would make the altcoin skyrocket to $2.77 in the long term.
Marks stated, “As ADA (Cardano) continues to hold breakout, sights remain on a massive bull run to come in, which can lead all the way up to $5+. From the holding breakout, these prices can be poised for an over 732% uphill run to first $2.7709 and based on the previous breakout and run higher can be possible.”
Source: Javon Marks
The analyst added that if the breakout occurs and Cardano surpasses 3 resistance walls, ADA would see a 1400-2,200% upside toward the $7.82 level.
Another chartist, who goes by the pseudonym Bitcoin ATM, shared similar sentiments that Cardano’s major upswing was on the horizon and could happen before next year.
Source: Bitcoin ATM
ADA was hovering around the $0.3427 zone at the time of writing, according to CoinGecko.
Cardano’s Development Activity Shines
Cardano is among the leading cryptocurrencies in terms of development activity, according to Santiment data.
Source: Santiment
Coming third after Internet Computer (ICP) and Hedera (HBAR), ADA’s development activity is helping solidify the altcoin’s potential project growth and user adoption, with the Chang Upgrade being a stone’s throw away.
Set to go live this August; the Chang Upgrade is meant to spur Cardano’s decentralization quest thanks to the integration of CIP-1694 into the network’s governance mechanism.
With node reporting and blocks protocol at 70% and 60%, respectively, Cardano’s Chang hard fork is imminent.
Source: Cardano Dapp Analyst
This development and various bullish signs paint a positive ADA picture.
