Cardano (ADA) network, a top-rated layer one (L1) blockchain with about $350 million locked by its web3 protocols, is on the final stretch of invalidating the 2022/2023 bear market. Following the 70 percent December breakout, Cardano bulls have enjoyed the upper hand, bolstered by the ongoing altcoin recovery.
Moreover, the medium-capped altcoin, with a fully diluted valuation of about $22 billion and a 24-hour average trading volume of around $738 million, has attracted notable attention from web3 developers and digital assets investors.
Factors Slowing Down Cardano’s Mass Adoption
The Cardano network is backed by a committed community of developers and investors. However, the smart contract-oriented network is facing significant competition from other layer one (L1) blockchains like Ethereum, Solana, and Binance Smart Chain (BSC), among others. In addition to the high competition in the cryptocurrency market, the Cardano network has been slow in ensuring its web3 protocols are seamlessly interconnected with other L1 chains to further improve its liquidity.
ADA Price Analysis
According to a popular crypto analyst, Ali Martinez, ADA price is preparing to begin its second leg of bullish season after registering a solid breakout during the fourth quarter of 2023. The crypto analyst argued that the ADA price could easily reach 93 cents if the bulls defend the support zone between 46 cents and 49 cents in the coming days. In the short term, ADA price is targeting 82 cents, according to the weekly auto fin retracement, after clearing the resistance level around 69 cents.
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