Analyst Predicts Cardanos Explosive Move to $3 ADA Price as DeFi TVL Surges 33%
Cardano (ADA), at press time, traded at $1.10 after a 5.2% gain in 48 hours. Since the start of the year, ADA has gained by 28%, with the recent move past $1 strengthening the altcoins bullish outlook.
ADAs gains have renewed positive sentiment. According to analyst Dan Gambardello, Cardano could likely perform better in 2025 than in 2024. The Cardano explosion to $3 will be fast & smooth, the analyst stated.
The prediction comes amid bullish trends appearing on ADAs daily chart. The Relative Strength Index (RSI) was moving north, showing a significant surge in buying activity. With its value of 60, the RSI is yet to reach overbought levels, indicating that there is still room for growth.
The Awesome Oscillator histogram bars, which had turned green, also showed that bullish trends were growing strong. This trend is further highlighted by the asymmetrical triangle pattern that predicts a continuation of the uptrend.
If the bullish trends grow stronger and buyers remain active, ADAs next target is the 1.618 Fibonacci level ($1.34).
Rising Network Activity Could Fuel Gains
Buyers are not the only factor fuelling ADAs uptrend. The Cardano network has also been abuzz with activity, and if this rise continues, it could bode well for the altcoins price in 2025.
Data from DeFiLlama shows that Cardanos Total Value Locked (TVL) has surged to $595M, marking its highest level in nearly three weeks. Moreover, since the start of the year, the TVL has surged by 33%.
Besides the DeFi TVL, total volumes have also been on the rise, and at press time, the metric stood at $10.64M.
If the network TVL and DeFi volumes continue to increase, it could bode well for ADAs price in the long term by driving positive sentiment. Moreover, past trends show that ADA gains in tandem with a rise in DeFi activity.
Will ADA Lead the 2025 Altcoin Rally?
Cardano was one of the top-performing altcoins in 2024 after the price rose by more than 80%. Most of these gains came amid renewed market interest in the altcoin.
If Cardano whales and retail traders continue to accumulate the token this year, it could result in a strong uptrend. Moreover, the rising network activity could support a long-term outlook by increasing market conviction.
However, ADAs rally could falter if the broader market support wanes and sellers take control of the price action.
Read more: https://zycrypto.com/analyst-predicts-cardanos-explosive-move-to-3-ada-price-as-defi-tvl-surges-33/
Text source: ZyCrypto
