Cardano’s Progress in the NFT Market
The sales volume of non-fungible tokens (NFTs) on Cardano has seen significant growth, reaching almost $9 million, which is a 60% increase according to CryptoSlam data. Ethereum still leads with $327 million in volume, although it has experienced a 25% decline in the past month. Additionally, the total value locked (TVL) and on-chain trading volume on Cardano have surpassed the numbers from the beginning of December.
Impact on ADA Price
Despite the positive progress in NFT sales and other financial metrics, the price of ADA, Cardano’s native token, has been declining. It has dropped by over 18% in the past 30 days, offsetting some of its previous gains.
Optimistic Price Predictions for ADA
However, there are analysts who remain optimistic about ADA’s future. Lucid, a user on Twitter, praised Cardano’s technology and set a price target of $10. The host of Coin Bureau’s YouTube channel also predicted a bullish scenario with ADA reaching $1. They believe that ADA could rally to as high as $1 if it breaks through its current resistance level.
Hot Take: Potential Price Increase for ADA
Despite recent price declines, there are analysts who believe that ADA could experience a price increase in the near future. With positive progress in NFT sales and optimistic forecasts from experts, it will be interesting to see how Cardano’s native token performs in the coming months.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen’s contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.
