Renowned analyst Benjamin Cowen warns that Solana (SOL) may follow a similar price trajectory as Cardano (ADA), potentially experiencing a dip below $10 before rebounding and seeing substantial gains, although historical parallels do not guarantee identical outcomes.
Evan Van Ness, an Ethereum advocate, criticized Cardano as a "zombie chain" due to its lower Total Value Locked (TVL) compared to the recently launched Layer 2 chain, Base, which has surpassed Cardano in TVL with $193.56 million.
Cardano (ADA) is predicted to surpass Bitcoin and Ethereum to become the world's largest cryptocurrency, according to Charles Hoskinson, the CEO of IOG.
Cardano (ADA) dropped 1.88% on Friday due to ongoing SEC activity and Fed Chair Powell's hawkish stance, despite bullish updates from IOHK.
Cardano (ADA) may enter a "depression" phase, with its price potentially dipping significantly and reaching lower price levels, according to crypto analyst Benjamin Cowen.
Cardano (ADA) price shows signs of rebound as a spike in ADA staking could potentially spark a bullish momentum in the coming weeks, with holders staking $50 million in the last 5 days and aiming for gains before selling, while resistance at $0.28 could pose a challenge.
Cardano faces regulatory risk and stagnant user and transaction activity, hindering its progress towards reaching $1 and becoming a major player in the cryptocurrency market.
Cardano is experiencing significant growth in network activity, with on-chain transactions increasing by over 1,700% since January, indicating potential upward movement for the cryptocurrency. Similarly, Ethereum's network activity is also rising, suggesting a potential price bounce in the near future, according to blockchain analytics firm Santiment.
Cardano and Solana are two cryptocurrencies that have the potential to surpass Ethereum in the long run, with Cardano's emphasis on decentralized finance and growth in emerging markets, and Solana's focus on mobile crypto and innovative blockchain technology. However, overtaking Ethereum, which has a first-mover advantage and a dominant position, is a challenging task.
Amidst a downturn in the crypto market, both Dogecoin and Cardano have experienced significant losses, but while Dogecoin's future remains uncertain, Cardano offers potential for long-term investment due to its utility and improving metrics despite regulatory challenges.
