Cardano’s native token has been rallying hard lately, posting a 20% weekly increase to surpass $0.25. In fact, it has outperformed many leading cryptocurrencies, including BTC and ETH, over that period.
Several analysts believe the uptrend is just starting, with some envisioning gains of more than 1,000%.
Same as Before?
ADA has been thriving amid the latest market resurgence, but its solid performance shouldn’t be attributed solely to the broader revival. Just a few days ago, the Cardano Foundation joined the x402 payment standard through an official SDK integration, enabling applications and AI agents to pay for API calls and other services using the network’s native token. X user Akshay commented on the move, saying:
“ADA is entering the AI-agent payment race. Cardano has joined Solana and XRP Ledger in exploring infrastructure for AI-agent payments. Imagine software that can autonomously request data, pay for services, and settle transactions. AI needs programmable money.”
Another catalyst for the price could be the recent interaction with the football world. The reigning Spanish champion FC Barcelona launched “Barca Fan Lab” in collaboration with Andamio and using Cardano’s technology.
“The project will allow fans to learn more about the Club’s history and values, participate in community activities and obtain verifiable digital credentials,” the announcement reads.
X user Sssebi described the latest price pump as “textbook of the breakout zone,” predicting that $0.30 is now “in the books.” JAVON MARKS was much more bullish, suggesting that ADA seems to have “based” just like in 2020 before a massive move north.
That said, the analyst anticipates another “monstrous run” and set $2.90 as a target. Such a major increase would represent a giant 1,049% from the current valuation.
Other market observers who have recently weighed in on Cardano’s native cryptocurrency include Jesse Olson and More Crypto Online. The former estimated that the asset has a pending buy signal on the weekly chart, noting that it hasn’t been bullish on the seven-day timeframe in 14 months. The latter maintained that ADA continues to trade within a specific bullish price channel, saying that $0.315 is the next target to watch.
Correction Before the New Big Jump?
Despite the overall bullish sentiment, two key factors suggest ADA may decline in the short term before potentially continuing north. The first one is the Relative Strength Index (RSI), which has increased to 78. This level means the asset has entered overbought territory and could be on the verge of a pullback.
Another bearish element is ADA’s exchange netflow. Over the past few days, inflows have dwarfed outflows, suggesting investors have been moving from self-custody to centralized platforms, increasing immediate selling pressure.
Source: CryptoPotato
