Chris O (@TheOCrytpobro), co-founder of the Cardano Ghost Fund DAO and co-host of Investing Broz on Discord, has shared good news for ADA holders. In a post on X, Chris showed that ADA has spent several months in an accumulation phase, contrasting the explosive growth experienced by other leading cryptocurrencies.
This extended period of consolidation within a tight trading range is generating anticipation for a significant breakout. The analyst has presented an optimistic outlook for Cardano with a potential print 165x price surge.
Remember when $ADA fell 98% and then blew up and then did an 165X? #Cardano pic.twitter.com/2H2YOjqeux
— Tim Warren (@Tims_TA) October 13, 2023
Read Also: If History Repeats, Top Analyst Says Cardano (ADA) Could Surge 2,348% to $6. Here’s the Timeline
Cardano’s Potential 165x Surge
Chris presents a chart showing ADA’s astonishing journey. It had previously tumbled by approximately 98% from its 2018 all-time high, and by 2020, the price of ADA had plummeted to as low as $0.018. Yet, an unexpected twist would lead to an extraordinary 165x surge, ultimately pushing ADA to new all-time highs.
According to CoinMarketCap, ADA is currently trading around 92% below its all-time high, putting it in a similar position to 2020. Applying this historical performance to Cardano’s current price levels shows the potential for another remarkable rally.
Expanding upon this analysis, Chris pointed out that the previous 165x surge occurred without support for smart contracts and decentralized finance (DeFi). He stated, “#Cardano fam, a simple chart showing FUTURE opportunity. Without SC, CNT’s, Defi, $ADA did 165x from bear bottom.”
The network’s current support for these features adds new layers to Cardano’s potential. Chris highlights the flourishing presence of DeFi, a growing Total Value Locked (TVL), the rise of non-fungible tokens (NFTs), and the prominence of sidechains within the Cardano network. Furthermore, he emphasizes the successful launch of various protocols spanning different sectors.
Read Also: CryptoCapitalVenture Founder States Why Those Leaving Cardano Will Regret in the Long Run
As a result, Chris posits that a “25x to 40x increase” is a realistic expectation, advising investors to focus on this opportunity and “drown out the noise.” If Cardano reenacts its historical performance, the result could be a staggering 165x surge from the current price of $0.2432. This would send ADA to a remarkable $40.12.
This prediction will surpass a previous prediction of a $6 target for ADA. Notably, that prediction was also based on historical patterns. A surge like this will also add credence to ChatGPT’s choice. As previously reported, the AI Large Language Model (LLM) picked Cardano (ADA) among its top three cryptocurrencies to hold for long-term profit.
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