Cardano Price Prediction as 10,000 New Smart Contracts Added – Can ADA Overtake Solana?
The Cardano (ADA) price is rebounding on Friday after hitting multi-month lows earlier in the week under $0.45.
The rebound mostly reflects an upturn in prices across the broader crypto market.
Bitcoin (BTC) was up more than 5% in the past 24 hours, as per CoinMarketCap.
The Cardano price was last up by a similar margin.
The rebound in the Cardano price could also reflect strength in an important metric of the Cardano blockchain’s adoption.
As per Cardano Blockchain Insights, the number of smart contracts issued on the blockchain has jumped by more than 10,000 this month.
Decentralized applications built on blockchains rely on smart contracts.
The jump in Cardano smart contract deployment is thus indicative of accelerating dApp building activity.
The Cardano price’s latest rebound confirms that the 100DMA remains a strong area of support.
But price predictions are unlikely to turn substantially bullish until ADA is able to get back above its 21DMA at $0.516.
For Cardano price predictions to turn bullish, ADA will also likely need to push above its recent short-term downtrend.
If it can manage that, a retest of recent highs in the $0.67 area is a strong possibility.
While Cardano stands a good chance of rallying back to yearly highs, it will be tougher to overtake Solana.
At roughly $40 billion, Solana’s market capitalization is well over double Cardano’s, which was last around $17 billion.
And a quick look at the respective cryptocurrency ecosystems suggests that the difference in valuation is warranted.
As per DeFi Llama, Solana has a TVL of nearly $4.5 billion, over 10 times Cardano’s.
Solana has a stablecoin market cap or nearly $2 billion, also 10 times that on Cardano.
DEX volumes on Solana were over $550 million in the past 24
Read more on cryptonews.com
