Cardano (ADA) Might be Gearing up for a Rally: Here’s Why

TL;DR

• Speculation about Gemini potentially listing Cardano (ADA) has increased after a popular post from the exchange.
• Despite recent declines, analysts predict a substantial rally for the asset, with projections ranging up to $10 based on past performance.

ADA Price Rally Incoming?

Many industry participants have recently speculated that Cardano’s native token—ADA—may soon be listed by the US-based cryptocurrency exchange Gemini. The rumors started circulating shortly after the company released a post on X where it praised the asset and touched upon its merits.

Cardano $ADA is an open-source protocol democratizing the process of consensus and governance

It was created to be a scalable, interoperable, and sustainable solution compared to other PoS blockchains ⤵️ https://t.co/njwgPI8CNh

— Gemini (@Gemini) May 11, 2024

The interaction triggered heated discussions and was a subject of increased interest. The X user Dave noted that Gemini’s posts usually gather an average of 10,000 views. As of now, the post about Cardano (ADA) has received almost 330,000 views, with many users urging the firm to embrace the token.

Official listing on a popular exchange such as Gemini results in increased visibility, accesibility, legitimacy, and liquidity for the involved asset. These factors could attract more investors, while the potential flow of capital can trigger a price rally.

Launched in 2014, Gemini is among the leading cryptocurrency exchanges, with a daily trading volume often exceeding $50 million. It  offers  users the chance to buy and sell multiple digital assets, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BTC), Dogecoin (DOGE), Shiba Inu (SHIB), and many more. 

Last summer, Gemini  re-listed XRP on its platform after Ripple secured its first partial court victory against the US Securities and Exchange Commission. Earlier this year, it extended the support, introducing  XRP perpetual contracts. 

ADA Price Predictions

Cardano’s native token has been in the red in the past month, plunging by 13% and currently trading at approximately $0.44 (per CoinGecko’s data). According to the X user JAVON MARKS, though, it could soon rally  to a new all-time high of $7.80 (representing a whopping 1,500% surge) should it mirror its performance from 2021. 

Ali Martinez was even more optimistic,  envisioning  a “parabolic” spike to as high as $10. A few months later, he outlined a more modest prediction of $1.70.

If you are willing to explore additional ADA price forecasts, please check our dedicated video below: