The Cardano network (ADA) is showing signs of a strong resurgence. Recently, there has been a significant increase in the number of active wallet addresses over just 30 days, setting a new annual record.
Data from the decentralized exchange Danogo indicates that there were over 600,000 active addresses, an increase of more than 70,000 since the start of the month.
This surge in activity has been noticeable since September, when the network experienced a low point with just 297,000 active wallets.
The growth in active addresses coincides with a notable rise in ADA's price. On March 6th, a record of more than 76,000 daily active addresses was observed, just as the digital currency hit a local peak of $0.78.
Analyst Predicts: Cardano Price to Rise to $1.20
Given these developments, it's no surprise that many analysts are optimistic about Cardano. The well-known crypto analyst Sssebi predicts that Cardano is on the verge of a significant price increase. He expects a rise of about 60% in the coming week, which would push the price to approximately $1.20.
Sssebi bases this prediction on the analysis of Cardano's weekly price chart, which shows strong signs of a continued positive trend. A key factor in this forecast is the coin's consistent trading above the 200-week average, suggesting limited resistance on its path to the $1.20 target. This implies a significant and rapid value increase for this altcoin.
The analyst also points out that ADA's price historically tends to react slowly to movements in other cryptocurrencies, such as Bitcoin (BTC). He illustrates this with an example from the last bull market period, where it took 74 days after Bitcoin reached a new high for Cardano to surpass its own peak.
With the altcoin's record high at $3.09, this could mean a potential increase of more than 400% from its current price. If history repeats itself, Cardano could achieve a new high around May or June of this year.
