Cardano’s growth in the past two months has rolled over into the first 10 days of December. At the time of writing, Cardano is up by 48% since the beginning of the month. While the price has been on a steady increase, Cardano’s ecosystem has grown in adoption and on the backend of things.
In its latest Cardano weekly development report, the Cardano team detailed how developers are working on updates, while also showing an increase in project development on the ecosystem and token metrics. Considering the current state of its ecosystem, a recent prediction by crypto analyst Psyclops has noted Cardano (ADA) is ready to push to $10 in the next bull market.
Analyst Psyclops Predicts Cardano Price Will Reach $10
Crypto analyst Psyclops noted in a social media post on X how Cardano’s ecosystem was far behind in the smart contract race in the last bull market, but ADA managed to spike to its current all-time high of $3.09 in September 2021. However, Cardano’s latest weekly report shows the blockchain has gone far in terms of the development and launching of smart contracts on the network.
The report encapsulates how Cardano developers have been hard at work improving the network’s infrastructure and the blockchain network’s cumulative statistics to date. For instance, Cardano’s Plutus smart contract backend application has seen matured growth since its launch, with developers now working on an upgrade to its Marconi indexing.
Also, developers recently performed the first-ever Conway benchmarks and implemented the initial version of Conway conformance testing for better performance on its blockchain ledgers.
In the metrics end of things, the report reveals that 152 projects have been launched on the blockchain network, and 1,307 more are still in development, reflecting an expanding ecosystem. Over 9.1 million native tokens are circulating within the ecosystem, and more than 79.7 million completed transactions.
Psyclops also noted the difference in Cardano’s ecosystem now, with the network now home to a massive DeFi, RealFi, and utility NFT ecosystem. Data from DeFiLlama shows Cardano’s TVL is now at $373.94 million, a +37.14% increase in a 7-day timeframe. This metric growth in addition to an increase in network activity points to a sustained price growth soon.
ADA price at $0.55 | Source: ADAUSD on Tradingview.com
According to Psyclops, Cardano’s recent price spike to the $0.50-0.60 level is not worth celebrating, as the market is not yet in a full-blown crypto bull run. His statement, which is based solely on fundamental analysis of the ecosystem, suggests ADA could trade at $10 very soon, a 1,697% increase from the current price of $0.5564.
Last bull run Cardano completely bombed SCs. They were too late with no contracts ready to go. Not even a somewhat working DEX.
And $ADA made it to $3.
We’re not even in the next bull and we have a massive DeFi, RealFi and utility NFT ecosystem up and running. Celebrating and… pic.twitter.com/1AxIW2UlU2
— Psyclops (@psychADAlias) December 9, 2023
$10 seems like an ambitious target for ADA, but it resonates with a recent prediction by Changelly. ADA is currently down by 3.73% in the past 24 hours, although still up by 45.60% in a 30-day timeframe. However, crypto analyst Ali Martinez has warned about the emergence of sell signals on both the 3-day and 1-day chart timeframe.
Featured image from Coinpedia, chart from Tradingview.com