So far this year the price of the native token of the smart contract platform Cardano, ADA, has moved up around 50% amid increasing adoption and as the total value locked (TVL) on its decentralized finance (DeFi) platforms surges. Price predictions for 2024, however, are increasingly bullish.<\/p>\n
ADA is currently trading at $0.368 after rising more than 4.6% over the past week and Cardano price predictions for 2024 suggest a significant rise. Popular analyst Ali Martinez, for example, noted that Cardano\u2019s current consolidation phase \u201ceerily mirrors the 2018-2020 phase,\u201d which means that if history repeats itself, it\u2019ll keep consolidating until July of next year.<\/p>\n
Nevertheless, this means ADA could see a breakout \u201cas soon as December,\u201d with his price prediction suggesting that the consolidation could lead to a rise that could see ADA get near the $10 mark in 2024.<\/p>\n
As CryptoGlobe reported, Total Value Locked (TVL) in Cardano\u2019s decentralized finance ecosystem has seen a significant increase. It started the year just under 200 million ADA and has now reached 682 million ADA., according to DeFiLlama<\/p>\n
This growth is reflected in various projects within the ecosystem, such as the collateralized debt protocol Indigo and the decentralized exchange Minswap. Both have seen their total value locked exceed the $50 million threshold as adoption grows.<\/p>\n
Cardano has, on top of that,\u00a0maintained its top stop in cryptocurrency development activity\u00a0after surpassing the \u201cblockchain of blockchains\u201d Polkadot ($DOT) and its public pre-production environment Kusama ($KSM).<\/p>\n
Another bullish Cardano price prediction from cryptocurrency analyst Lucid pointed to the $30 mark next year, which would mean a surge of over 9,000 from current price levels. The prediction is based on global acting as a catalyst for the cryptocurrency market\u2019s total capitalization to grow past the $10 trillion mark.<\/p>\n
An even more bullish price prediction came from trader FieryTrading, which suggested a rise of over 10,000% \u2013 albeit over the next two years \u2013 as the cryptocurrency\u2019s price \u201chas practically been going up in a straight line\u201d after bouncing off a support level within a trading channel called a parallel channel, formed through a line between two bull market tops and copying that same line towards the bottom.\u201d<\/p>\n
That prediction would see Cardano\u2019s price rise to the $35 mark in the future. While analysts are bullish for Cardano in 2024, more short-term price predictions suggest moderate growth in the near future.<\/p>\n
Notably, institutional investors have been betting on Cardano, with data from CoinShares\u2019 latest\u00a0Digital Asset Fund Flows\u00a0report showing Cardano-based investment products saw over $800,000 of inflows last week, bringing their year-to-date totals to $8 million.<\/p>\n