The price of Cardano (ADA) continues to trade around $0.57, indicating a potential revitalization of interest in the asset. Significant changes in the ecosystem have also attracted the attention of traders and analysts.
Coinbase Launches cbADA
Coinbase has introduced cbADA, a wrapped version of the ADA token on the Ethereum Layer 2 chain known as Base. This innovation allows Cardano users access to a broader range of DeFi protocols. The launch of cbADA is part of Coinbase’s strategy to unify liquidity across blockchains, following the previous launches of cbETH and cbLTC for Litecoin. cbADA is backed 1:1 by ADA held in Coinbase custody, providing full proof-of-reserves for transparency.
Surge in On-Chain and Derivatives Activity
The fundamentals of ADA are confirming its strength: trading volume is close to $600 million, while open interest in Cardano futures surged to 1.2 billion ADA. Additionally, the recent Midnight Glacier airdrop has sparked fresh interest in Cardano, with over 200,000 mentions on X in a week. Currently, ADA is holding strong near $0.57, with solid support at $0.51.
Analysts' Projections for Cardano
Analyst Dan Gambardello suggests that Cardano is gearing up for a major move, targeting $2. He notes that the current trajectory mirrors that of the previous bull cycle. If history repeats itself, a swift rally from around $0.59 to $2 could occur within weeks or months. Although a dip to $0.30–$0.40 remains a possible scenario before a breakout, Gambardello believes this cycle is even stronger than the last due to lower interest rates, rising adoption, and favorable pro-crypto regulation.
The ADA price and its developments on the Coinbase platform highlight a renewed interest in Cardano. Analysts' expectations and current data support an optimistic outlook for assets in the short term.
