Dan Gambardello, the founder of Crypto Capital Ventures, says Cardano’s native cryptocurrency, ADA, is set for a large bull run. In a video analysis posted to YouTube, Gambardello demonstrated that ADA could recoup its losses from its all-time high (ATH) and soar even higher thanks to a remarkable total value locked (TVL).
According to TradingView data, on August 30, 2021, ADA hit an ATH of $3.09. Since then, the value of Cardano’s native coin has decreased, losing about 90% of its peak value. Since the start of 2023, the price of ADA has fluctuated between $0.24 and $0.46, standing at $0.36 at the time of writing.
Gambardello claims that one of the indicators for the future direction of the ADA is the prolonged sideways movement following a significant downturn. He interprets the current price behaviour of ADA as evidence that the decline has run its course and that a turnaround is about to occur.
By contrasting Cardano’s TVL with Ethereum’s, the kind of solutions both blockchains provide, and Cardano’s potential to overtake Ethereum or, at the very least, close the gap, Gambardello supported his prediction.
Cardano’s TVL at the time of writing was $146.61 million, according to data from the multi-chain TVL metrics platform DeFi Llama. Despite the coin’s value decreasing by nearly 90%, its ATH TVL is $326 million, which means the current TVL is just 55% below its ATH.
Given that both blockchains offer comparable solutions, Gambardello thinks Cardano can compete with Ethereum’s value. He claimed that Cardano might defy expectations by competing with Ethereum’s ATH in TVL, which is $106 billion, or about 1,000 times more than Cardano’s current TVL.