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Cardano Price Prediction: Overvalued Despite the 90% Crash
![](https://globalcoinreport.com/wp-content/uploads/2022/12/Cardano2.jpg)
Cardano price has been one of the worst-performing crypto major in 2022. ADA has collapsed from an all-time high of $3 to $0.26. Its market cap has plunged from over $90 billion to less than $9 billion today. So, is Cardano a good crypto buy in 2023?
Concerns about Cardano remains
Cardano is a blockhain project that was created by Charles Hoskinson, a former Ethereum co-founder. His goal was to use his experience to build a quality rival to Ethereum. For one, Cardano was created using a proof-of-stake technology, which is faster and significantly cleaner than proof-of-work.
Cardano rose in popularity in mid-2021 as ESG-focused investors were considering the best alternative to Ethereum to invest in. This popularity led to significant hype, which pushed it into the top tens of the biggest crypto in the world.
But Cardano had a big problem at this stage. While it was established in 2020, it did not have smart contract features. As such, it was not possible for developers to build using its technology.
This changed in 2021 when it launched the Alonzo hard fork, which introduced these features. Since then, thousands of developers have embraced the network.
However, the reality is that Cardano is yet to find mass adoption among developers. For example, its DeFi network has a total value locked (TVL) of more than $68 million. At its peak, it had a TVL of over $400 million. In contrast, Aptos, a relatively new blockchain, has a TVL of over $50 million. Cronos, which was launched earlier this year, has a TVL of over $400 million.
Cardano has had some success in the NFT industry. However, the volume of NFT transactions in its platform has been falling lately. In November, it handled just $8 million worth of NFTs. In contrast, Ethereum processes a bigger amount than that daily.
Cardano price prediction
The four-hour chart shows that the ADA price has been in a strong bearish trend in the past few months. It has managed to cross the important support level at $0.2957, which was the lowest level on November 21. It has moved below all moving averages while the Stochastic Oscillator has moved above the neutral point.
Therefore, ADA price will likely continue falling as valuation and ecosystem challenges remain. As such, it could soon drop to $0.20.
Crypto
BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?
![](https://globalcoinreport.com/wp-content/uploads/2023/12/BNB-1.jpg)
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Altcoins
Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place
![](https://globalcoinreport.com/wp-content/uploads/2023/03/SOL-1.jpg)
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Altcoins
Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy
![](https://globalcoinreport.com/wp-content/uploads/2023/01/Solana3.jpg)
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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