In a recent YouTube video, the well-known crypto analyst from Cheeky Crypto made a striking prediction about the future price trajectory of Cardano (ADA). The analyst believes that ADA, currently the ninth-largest cryptocurrency by market capitalization, has the potential to surge by a staggering 10,689% in the long run.
This optimistic forecast suggests that ADA could eventually touch a price point of $31. To put this in perspective, ADA’s record high was $3.09, achieved on September 2, 2021.
However, Cheeky Crypto’s projections weren’t solely focused on the long-term. The analyst also provided a more conservative short-term price range for ADA, estimating that the cryptocurrency could fluctuate between $3.48 and $10.50. Despite ADA’s current price being considerably lower than its all-time high, Cheeky Crypto remains bullish, suggesting that ADA investors will have reasons to celebrate in the future.
That said, it’s not all rosy predictions. The analyst also cautioned that ADA might face a dip in the short term, potentially dropping to price levels between $0.151 and $0.1817. Highlighting the fact that Cardano’s price is currently down by over 92% from its peak, the analyst believes that this indicates ADA is undervalued at its present rate, suggesting ample room for growth.
One of the significant factors bolstering Cheeky Crypto’s bold ADA price prediction is the impressive growth in Cardano’s Total Value Locked (TVL). The analyst pointed out that when ADA reached its all-time high, Cardano’s ecosystem wasn’t as developed as it is now. Since the start of the year, Cardano’s TVL has seen notable growth. Reports indicate that Cardano’s TVL surged by 9.7%, reaching $151.7 million in the second quarter of 2023. This growth positioned Cardano as the 21st network in terms of blockchains with the highest TVL. Current data from DeFiLlama shows that the total value locked on Cardano is approximately $179 million.