As regulatory and geopolitical-induced gloom continues to hammer markets, Cardano has not been spared with the crypto asset plunging over 60% from its all-time high of $3.10, dampening prospects of price recovering this quarter.
However, despite this drawdown, as per a recent report by the Finders panel of Fintech specialists, ADA will triple its current price, closing at or above $2.79 by the end of 2022.
Out of the 33 panelists, 10.3% of them think that Cardano will emerge as the top-performing altcoin of 2022. Should the panel’s prediction work out, this will mean ADA price surging 190.38% before the year ends, which is highly conceivable in the crypto market.
While some proponents have argued that the drop in ADA’s price was instigated by the Alonzo upgrade, it remains hard to single out any particular reason for the sell-off. However, 33% of the panel members partly attribute the drop to “the absence of market share in terms of Total Value Locked (TVL)”. 33% believe that Cardano is still in its early stages post-update and is still grappling with general volatility which renders its price movements wild.
8.3% of the members attributed the contemporary sell-off to dApp exploits while 4.2% believe that UK’s ban on Ads painted a bad light on cryptocurrencies, spreading FUD which led to investors dumping ADA.
The panel further said that it had revised its previous projections of ADA hitting $7.26 and then $26.59 by 2025 and 2030 respectively to it hitting $8.81 and then $58.04 by 2025 and 2030 respectively. Going by its current forecasts, this means that ADA will rise by about 790% by 2025 and by 5,750% by 2030.
Vanessa Harris, the Chief product officer at Permission and also a member of the panel believes that ADA could outshine the panel’s 2022 predictions, hitting $3. To her, apart from the ongoing surge in the global adoption of cryptocurrencies, ADA’s unique use cases place it in a better position to grow.
“It is one of the few smart contract platforms that have placed security, correctness, and decentralization at their core, backed by formal methods and peer-reviewed research,” Harris has recently said. “While this means Cardano moves more deliberately in the short term, long term this resilience should support adoption by nation-states and non-governmental organizations.”
That said, while a majority of proponents believe Cardano deserves its current $31 billion market valuation, they are optimistic that ADA’s value will surge behind the Goguen and Basho development phases which will focus on the integration of smart contract functionality and optimization respectively.
At press time, ADA is trading at along $0.97, a key support zone down, and is down some 26% this year.