Cardano ADA had one of the toughest Augusts in all of crypto, tumbling 18% over the last 30 days. The asset not only fell in price but fell out of the top-10 cryptocurrencies list by market cap. Tron TRX recently took the tenth spot in the list, pushing ADA to 11th place. With its recent struggles, investors are worried that the asset could drop further.
Cardano’s fall can largely be attributed to prevailing market dynamics, including investor sentiment and overall market conditions. The rise of Layer 2 solutions like Arbitrum and Optimism (OP) has also posed a substantial challenge to Cardano’s competitiveness. Fortunately though, with the Chang hard fork under work, the token may significantly take an unexpected turn. A rebound could catapult its price quickly.
There is growing speculation of an incoming rebound for Cardano ADA. Amid Cardano’s slow price pace, notable crypto analyst Dan Gambardello has shared a short post on X. Per the analyst, ADA whales could be a game changer for the token, provided they come into play to push the token price metrics.
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Will Cardano ADA Rebound Before August Ends?
According to Gambardello, ADA’s price shot up to $1.50 from $0.33 in the same month in 2021. The development above can be repeated, provided the ADA whales stir the token’s price up a notch.
He later shared that investors should keep exploring ADA and holding on to the token, as anything can happen, which may push the token price to touch new, unprecedented price levels. “In February 2021, when Cardano was sitting at.33, it shot to $1.50 within the same month. Just a reminder that bulls can hit out of nowhere. Usually when most don’t expect it.”
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Despite ADA’s slow price approach, ADA continues to perform at its best on-chain performance. According to the data shared by Into the Block, Cardano continues to process nearly $7.2 billion in transactions daily. The data indicates Cardano’s stable position despite the token’s moderate price performance and approach.
Therefore, while growth is slow, the future is bright for Cardano ADA, with activity and engagement remaining high.
