As Cardano (ADA) continues to dominate the development activity scene, the tenth-largest cryptocurrency based on market value might be gearing up for a major boost.
Taking on X, formerly Twitter, market analyst Javon Marks acknowledged that ADA was eyeing a breakout that would make the altcoin skyrocket to $2.77 in the long term.
Marks stated, “As ADA (Cardano) continues to hold breakout, sights remain on a massive bull run to come in, which can lead all the way up to $5+. From the holding breakout, these prices can be poised for an over 732% uphill run to first $2.7709 and based on the previous breakout and run higher can be possible.”
The analyst added that if the breakout occurs and Cardano surpasses 3 resistance walls, ADA would see a 1400-2,200% upside toward the $7.82 level.
Another chartist, who goes by the pseudonym Bitcoin ATM, shared similar sentiments that Cardano’s major upswing was on the horizon and could happen before next year.
ADA was hovering around the $0.3427 zone at the time of writing, according to CoinGecko.
Cardano’s Development Activity Shines
Cardano is among the leading cryptocurrencies in terms of development activity, according to Santiment data.
Coming third after Internet Computer (ICP) and Hedera (HBAR), ADA’s development activity is helping solidify the altcoin’s potential project growth and user adoption, with the Chang Upgrade being a stone’s throw away.
Set to go live this August; the Chang Upgrade is meant to spur Cardano’s decentralization quest thanks to the integration of CIP-1694 into the network’s governance mechanism.
With node reporting and blocks protocol at 70% and 60%, respectively, Cardano’s Chang hard fork is imminent.
This development and various bullish signs paint a positive ADA picture.
