Contrary to prevailing skepticism regarding perceived stagnation in Cardano’s development, analyst Ali Martinez presents a perspective that challenges the prevailing narrative. He likened ADA’s current consolidation phase to its behavior in late 2020, where it surged by a whopping 3,000%, reaching an all-time high of $3.06 in 2021. Drawing parallels with historical trends, Martinez anticipates a potential upswing in April—of roughly 1330%.
This pattern continuation could potentially lead to an upswing toward $0.80, a brief correction to $0.60, then $7!
Martinez, who previously expressed bullish sentiments for ADA, predicted a rally to $0.75 by late December, highlighting a trajectory reminiscent of the coin’s movement from 2018 to 2020, excluding the impact of the COVID-19 downturn. The analyst suggests that the ADA may break through the $0.45 resistance level, paving the way for a potential rally to $0.75 by the end of the year.
This forecast coincides with a recent analysis conducted by K33 Research, which asserted that Cardano’s native token, Ada, holds limited intrinsic value as it lacks meaningful utility. The report contends that the blockchain’s daily transactions, often highlighted by proponents, are predominantly exchange transfers, lacking substantial evidence of real-world applications.
Amidst these analyses, a noteworthy drama unfolded within the ADA community, urging developers building on Cardano to add their GitHub repositories to Electric Capital. This call to action stems from Electric Capital’s recent report, ranking Cardano 20th in activity based on their data.
Cardano Ranked 20th Developer Activity
Tim Harrison, Marketing and Communications Director for Input Output Global [IOG] emphasized the importance of this initiative, acknowledging the institutional significance of such visibility. The plea for GitHub repository inclusion aligns with Electric Capital’s broader report, revealing a 24% decrease in the overall number of monthly active crypto developers from December 2022 to December 2023.
Additionally, the number of newcomers to the space plummeted by over 50%. Despite this decline, the study highlights steady growth in the subgroup of blockchain developers actively contributing for more than a year, surpassing 10,000 individuals in 2024 from less than 2,500 in January 2018.