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The Cardano price is showing signs of a bullish outlook in the midterm, with a view to reaching its all-time highest level in the near future.
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The Midnight upgrade, which will be launched on the mainnet soon, will spur DeFi growth in the Cardano network.
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The ADA/BTC pairing has signaled a multiyear rebound during the anticipated altseason.
Charles Hoskinson, the founder of Cardano (ADA), made a bold and joking prediction about the next 12 months: Ethereum cofounder Vitalik Buterin would retire after Cardano “flips over” ETH’s market cap.
Hoskinson, who spoke with Altcoin Daily in a serious tone, stressed his desire to win the intense competition against other Layer 1 chains such as Solana and Tron.
“I want to win.” Hoskinson said, “Levity aside, Midnight Upgrade will be launched on mainnet.”
Hoskinson talks big. Here’s CoinEdition past analysis of what it would take for a $1000 investment in ADA (Ada) to turn into $50,000.
Cardano users can expect the Midnight Upgrade.
Since 2024, the team behind Midnight is working on a testnet. After a rigorous test process, the new blockchain is expected to launch its primary network before the end this year with the help of partners such as Zoniqx or OpenZeppelin.
Once Midnight is live, it will operate as a Layer 1 partner chain that focuses on privacy. It is not a Sidechain, but will still leverage Cardano’s security and reliability.
The launch of Midnight will play a key role in attracting developers and investors who are interested in Real-World Assets to the Cardano ecosystem.
Other key use cases of the new privacy-focused blockchain include cross-chain DeFi (identity verification), healthcare data, and cross-chain DeFi. The airdrop for the NIGHT tokens has already begun.
The Midnight upgrade will introduce NIGHT tokens on the mainnet, and the airdrop has already begun.
Key Fundamentals for Investors to Consider
Cardano has already benefited by the growing institutional demand for altcoins. The ADA/BTC pair has been indicating a possible macro reversal amid the ongoing capital flow from Bitcoin.
The network also benefits from the increasing odds of an altcoin ETF being approved in the United States. Wall Street analysts now expect an “altcoin summer,” with fund manager like Grayscale Investments, and Tuttle Capital having already filed to offer spot ADA ETFS.
Midterm targets for ADA price
After a correction during the first half 2025, the ADA price has recovered from a critical support level of $53 in the weekly timeframe.
The price of ADA will reach its highest level in the following weeks if it consistently closes above the resistance around $1.18. The MACD weekly indicator has also shown a bullish outlook, as the MACD line crossed above the signal line in conjunction with rising bullish histograms.
Today’s outlook: Long-term chart looks bullish but what about now? Here’s CoinEdition’s specific price forecast for ADA on August 9.
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