Crypto analyst Fiery Trading has an exceptionally bullish forecast for the price of Cardano (CRYPTO: ADA), suggesting a 9,990% surge to $35. 

What Happened: Fiery Trading bases this projection on the assertion that ADA has surpassed its lowest value and is now steadily climbing, noting a recent positive trend in its market performance.

The prognostication by Fiery Trading hints that ADA, currently hovering around $0.388, could witness a meteoric rise if the market continues to follow the upward trajectory as predicted. 

The analyst delineates a “parallel channel” pattern formed by connecting the peaks of two bull markets and mirroring that line at the lowest point during the ‘Corona dump’. The confirmation of this pattern, according to Fiery Trading, is decidedly bullish for Cardano’s native token.

Why It Matters: If Cardano’s ADA were to reach the proposed value of $35 per coin, given its circulating supply of 45 billion ADA, the total market capitalization would surge to an astounding $1.575 trillion. 

This would not only dwarf its current market cap of approximately $12.66 billion, but it would also necessitate surpassing the market cap of Bitcoin (CRYPTO: BTC). With Bitcoin’s market cap at $720 billion, an ADA market cap of $1.575 trillion would position it as the new market leader, a scenario that, while intriguing, strikes as overly optimistic given current financial trends and market supply dynamics.

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On The Flip Side: While Fiery Trading’s forecast sets an enthusiastic tone within the Cardano community, the expected rise to $35 is not anticipated to occur until around 2025, during what is projected to be the next bull market peak for ADA. This long-term perspective requires a sustained momentum that is contingent on myriad market factors and developmental milestones yet to be realized within the Cardano ecosystem.

The Bigger Picture: Adding to Cardano’s momentum is the news of founder Charles Hoskinson’s interest in a collaboration with Kraken to create a Layer-2 network. Hoskinson reached out to Jesse Powell, the co-founder of Kraken, via his X (formerly Twitter) account with the message, “I’m game if you are…” This proposition comes on the heels of Kraken’s own announcement regarding partnering efforts with notable blockchain developers such as Polygon, Matter Labs, or Nil Foundation to develop their own L2 solutions.

Price Action: At the time of writing, ADA was trading at $0.34, down 4.99% in the last 24 hours, according to Benzinga Pro.

Photo by Dennis Diatel on Shutterstock

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