Cardano (ADA) price stunned many in the market after soaring from a low of $0.2799 to a high of $1.32. Analysts have always considered Cardano an undervalued digital currency amid its many developer-centric activities. With many things outlined for 2025, it remains unclear how high Cardano can soar in January 2025 to set a pace for the new year.
The Cardano Price Historical Trend and Catalysts to Watch
The biggest rallies recorded by Cardano thus far this year came in the fourth quarter of this year. From January to September, ADA price maintained a cliff around the $0.6 price level. However, by November 15, the coin broke out and eventually hit the yearly high of $1.32 on December 7 per data from CoinMarkertCap.
ADA price has since retraced from this level amid and is currently changing hands for $0.8731, down by 3.84% in the past 24 hours. Within this period, the coin has has hovered from a low of $0.8628 to a high of $0.9246. Despite the volatility of the past week, Cardano bulls have nursed hopes for a new highs soon as a bull flag emerged on the charts earlier.
There are key fundamentals that might drive the price of Cardano higher in January. These include the Cardano Bitcoin DeFi pursuit, the switch to decentralized governance following the Chang hard fork upgrade, the impacts of Hydra Head, Marlowe and Midnight Protocols and potential collaboration with Ripple Labs.
The protocol’s core developer Input Output Global (IOG) headed by Charles Hoskinson has a lot of products in the pipeline. Notably, the organization might set the pace for the year with positive announcements that may shift sentiment and drive ADA price higher in January.
There is also the speculation of a collaboration Cardano and Ripple for a potential RLUSD stablecoin integration on the former. If these projections pull through, the impact on the coin’s price may be resounding.
How High Can ADA Price Soar?
In an earlier ADA price analysis, Coingape explored the potential for the coin to soar to a $6 price mark. While this is higher than its ATH high of $3.10, it appears achievable, giving the adoption channels outlined earlier.
The digital currency ranks as one of the top 10 coins in the market and maintains a very strong correlation with Bitcoin (BTC). Based on this correlation, any observable shift in the price of BTC to new highs might also impact on ADA in the long term.
Pending this, Cardano price may likely reclaim its 52-week high of $1.32 if the bully sentiment returns in the new year.
The post How High Can Cardano Price Soar In Jan 2025? appeared first on CoinGape.
