Dan Gambardello, the founder of Crypto Capital Venture,  has recently said he believes the price of the native token of the smart contract platform Cardano ($ADA) is set to soon surge by more than 60% to trade above the $1 mark.

In a post shared on the microblogging platform X (formerly known as Twitter), with his over 250,000 followers, Gambardello simply noted that “Cardano won’t be below $1 much longer” in a post, before adding in a later post that we’re currently in a phase of the market cycle where investors sell tokens that aren’t seeing signficiang movements to chase after others.

Per his words, “right after the switch, the new token they buy dips -20%, while the one they sold pumps 50%.”

Cardano’s performance has been relatively muted in the current cycle, rising just 5.9% so far this year, compared to Bitcoin’s rise of more than 40% so far this year, while Ethereum moved up 45% over the same period.

Gambardella’s prediction would see the price of Cardano surge by more than 60% as the cryptocurrency is currently trading at around $0.62 per token after rising by around 1% over the past week.

As CryptoGlobe reported, the Cardano ecosystem has been seeing significant growth, particularly in the realm of decentralized finance (DeFi), as the total value locked (TVL) on its decentralized applications keeps on surging.

A key development in Cardano’s evolution has been the introduction of Hydra, a set of scaling protocols designed to enhance network efficiency by facilitating off-chain transactions. This innovation aims to boost Cardano’s scalability and transaction throughput, ensuring the network’s ability to handle increased activity without compromising stability.

Further advancements in core infrastructure projects such as SanchoNet and Mithril have been reported, indicating ongoing efforts to bolster Cardano’s scalability and innovation potential.

Featured image via Unsplash.