When Cardano ushered in the era of smart contracts on its platform with the successful launch of the Alonzo Mainnet, ADA rallied to a record price to become the 4th largest cryptocurrency by market cap – with a market value of about $75 billion.
Alonzo also saw ADA hit $3 for the first time since its inception, surpassing Binance Coin (BNB) to become the third-largest digital asset by market value. However, the coin has been unable to sustain this uptrend, witnessing a small correction.
For the past few weeks, Cardano (ADA) has been forming lower lows from a close of $2 in October to the current low of $1.43. At press time, Cardano (ADA) is changing hands at $1.59, up 1.5% in the past 24 hours, according to CoinGecko data.
Despite the recent fall, several cryptocurrency analysts are still optimistic about ADA’s future. Famous market analyst Lark Davis believes the price will rise more in the coming days, thanks to the upcoming DeFi projects such as SundaeSwap and Ardana.