Cardano's ADA surges 10% in 24 hours, 30% in a week, 84% in a year

Cardano, a prominent layer-one network in the cryptocurrency space, has seen a significant surge in its price, jumping by 10% in the past 24 hours to reach $0.8223. This upward trend is part of a broader alt season, with ADA, Cardano's native token, experiencing a 30% increase over the past week and an 84% gain over the past year. The technical indicators suggest that ADA is in the early stages of a long-overdue breakout, with potential for further gains in the near term.

The relative strength index (RSI) for ADA has topped 70 and is rising steeply towards 80, indicating strong momentum. However, the Moving Average Convergence Divergence (MACD) has only recently turned positive and has not yet reached the peaks of late November. This suggests that while a correction may be imminent, it could be a few days away and may not be steep, allowing ADA to consolidate around a higher level.

The current rally in cryptocurrency prices, including ADA, can be attributed to the market catching up with prevailing financial movements, as cryptocurrencies had been undervalued for several months prior to this week's surge. Cardano's platform, which now accounts for $343 million in total value locked (TVL), is one of the most promising layer-one networks in crypto. It continues to undergo continuous development and growth, with over 2,000 projects building on the platform. The upcoming launch of the privacy-focused Midnight sidechain is expected to attract more users to the Cardano ecosystem.

Given the strong fundamentals and continuous development, analysts predict that the Cardano price could hit $1 in early August and $2 by the end of the year. The long-term Cardano price prediction looks very bullish, with the potential to follow XRP and hit $3 by July 2025. This optimistic outlook is supported by the platform's strong fundamentals, continuous development, and the upcoming launch of new features that will attract more users to the Cardano ecosystem.