The Cardano price (ADA) is showing real signs of life today, surging 5% to $0.6924 and outpacing the broader crypto market, which is up 2%.
This comes after weeks of sluggish price action, with ADA still down 0.5% in the past week and 12.5% in the past month—suggesting that the market may have oversold the altcoin.
However, today’s bounce could mark a key turning point, as ADA appears to have found its floor and is now gaining momentum for a stronger recovery phase.
With Cardano’s robust fundamentals as a leading layer-one blockchain, the long-term Cardano price prediction is looking increasingly bullish.
Cardano Price Prediction: Q3 Dip Could Be Final Buy Opportunity Before a 10x Surge
As bad as things have been for Cardano, its one-day chart shows that it hit a bottom a few days ago, and that it appears to have begun a strong rebound.
Of note is its relative strength index (purple), which bottomed at 30 late last week and has now risen to 50, a sign of increased buying pressure.
Source: TradingViewWe also see that ADA’s 30-day average (orange) fell below the 200-day (blue), but has now flattened and also looks ready to begin an ascent.
In other words, Cardano had reached the point where it was selling at such a discount that buyers began piling in again, and it still remains in an oversold position even now.
In fact, it remains 77.5% below its ATH of $3.09, which it set back in September 2021.
It therefore has lots of catching up to do, and with the wider market also waking up again after several months of stagnation, it could rise towards $1 by the end of July.
Yet it should be said that, for a top-ten cryptocurrency, ADA’s 24-hour trading volume is very low, at $676 million today.
This signals Cardano’s difficulties in attracting a wider base of investors, with its platform still having a TVL of only $330 million.
However, developers are planning a series of privacy and scalability updates for the platform over the course of the summer and autumn, collected under the ‘Midnight’ banner.
Assuming that Midnight facilitates the kind of adoption that some have predicted, it could be very positive for the Cardano price, which could hit $3 in Q4.
Bigger Rallies May Come from Newer Altcoins
If Cardano is a little too frustrating for some traders, they may prefer to diversify into newer altcoins, which in the right conditions can outpace the market.
Picking the most promising new alts is tricky, however, but one way of gauging potential is to look for the most successful presales, since these can indicate momentum.
And the coin with the biggest presale of the past few months is Solaxy (SOLX), a layer-two project that has now raised an incredible $46.4 million in its ICO.
Its sale will end in only six days, so traders will have to hurry if they want to join the thousands of investors who’ve betted big on Solaxy’s future.
And the reason why Solaxy has inspired so much faith is that it’s planning to launch a layer-two network for Solana, providing Solana users with lower transaction fees and faster confirmation times.
It will also provide instant bridging, its own DEX for trading, and also a launchpad, so that developers can launch their own tokens.
Such features are all part of its plan to become a key part of the Solana ecosystem, with a particular focus on meme tokens and DeFi.
As its native token, SOLX will be necessary to pay for its transaction fees, so demand for the token could be huge.
Latecomers can join its sale at the Solaxy website, where the token is selling at its final presale price of $0.00175.
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