From Nasdaq:

Cardano (CRYPTO: ADA) saw a 4.4% increase, pushing its price over $0.60. Analysts expect a potential breakout in the future based on the Messari report titled “State of Cardano Q4 2023.” The report revealed a 166% quarter-over-quarter and 693% year-over-year growth in the token’s total value locked (TVL).

The number of average daily transactions increased by 10.9% over the previous quarter, with the ratio of transactions to active addresses growing by 9.2% sequentially and 45% from the prior year. This indicates higher average activity per user amid protocol development in 2023. Cardano now ranks 11th for TVL, a significant rise from its 34th position at the beginning of the year.

Charles Hoskinson, co-founder of Cardano, highlighted bullish factors such as liquid staking and the project’s growth without venture capital funding in a recent interview with Discover Crypto, a YouTube channel with 1.4 million subscribers. The ecosystem sees strong belief from its holders with around 67% holding Cardano for more than a year, as revealed by IntoTheBlock data.

Chart analyst Ali Martinez forecasts that Cardano could rise to $0.80, and Trend Rider sees Cardano on the brink of an explosive rally. Other analysts and users also anticipate further price growth, with some predicting that a successful breakout from $0.60 could propel the price to $0.67 and beyond.

As the market awaits memecoin rallies, Cardano remains relevant, highlighting its development activity and future promises. Despite the volatility in the crypto space, many analysts remain optimistic about Cardano’s future growth and potential breakout.

Amid all the attention on Cardano, the successful performance and positive outlook of the cryptocurrency demonstrate its appeal to investors and market analysts.



Read more: Cardano Up 4.4%, ‘On The Brink Of An Explosive Rally,’ Says Analyst: Can It Clear This Key Psychological Mark?