Crypto analyst Ali Martinez is optimistic about Cardano (ADA) and anticipates “new yearly highs.”

The cryptocurrency accomplished a noteworthy feat in decentralized finance (defi), securing a spot in the top 10 platforms by total value locked (TVL) and reaching a recent peak of $343 million.

Cardano (ADA) defi ecosystem buzzing 

The notable surge in the price of ADA, from $0.4 to $0.5, has injected over $100 million into the ecosystem, bringing the cumulative TVL to $361 million. This growth has propelled Cardano to the ninth position based on TVL, surpassing networks like Bitcoin, Base, and Cronos.

Ali Martinez, a crypto analyst, wrote on X that Cardano is currently situated within a crucial demand zone ranging from 37 cents to 38 cents. 

In this zone, 166,470 wallets have accumulated 4.88 billion ADA. Given the lack of significant resistance and substantial support, maintaining a position above this range might open the door for Cardano to reach “new yearly highs.”

However, caution is advised, as a dip below this support level could potentially trigger a short-term correction to 34 cents, he further emphasized. 

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Author: Ogwu Osaemezu Emmanuel

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