Here’s How Much Cardano You Need to Hold Now to Make $1M if ADA Hits $5.18, $15.14, or $23.26
Cardano investors would need to commit significant amounts at the current price of $0.42 to make $1 million if ADA reaches ambitious targets such as $5.18, $15.14, and $23.26.
The cryptocurrency market is currently experiencing a bearish phase, and Cardano has not escaped the prevailing selling pressure. Additionally, ADA is facing a more concerning trend than the rest of the market, as it fails to capitalize on occasional market upswings but gets caught up in subsequent corrections.
Cardano’s Price Struggles
Earlier this month, Bitcoin (BTC) surged beyond $71,000, triggering an uptrend in the broader crypto market. While most cryptocurrencies experienced similar price increases, ADA failed to make a decisive move. Interestingly, Cardano reached a two-week peak of $0.49 that day but experienced a sharp drop, ultimately ending the day with a 1.96% decline.
Now that Bitcoin is undergoing a correction from the previous spike, along with the rest of the market, ADA has also been impacted, falling 7.57% in the past week. Despite this concerning trend, some market analysts believe Cardano has the potential to recover from the bearish situation and have projected multiple price targets.
For example, analyst Sebastian recently argued that Cardano has the potential to reclaim the $3 price level by 2024, outlining four major catalysts that could drive a price surge to this threshold. The market watcher further projected ADA to reach $2 by August this year due to the upcoming Chang hard fork.
In addition, crypto exchange Changelly has set ambitious price goals for Cardano, including $5.18, $15.14, and even $23.26. Analysts at Changelly have provided timelines for ADA to reach these targets.
ADA Needed to Make $1M if Cardano Hits $5.18, $15.14, or $23.26
These projections have sparked renewed optimism among investors, with some aiming to secure as much as $1 million for when Cardano experiences the highly anticipated breakout. Consequently, The Crypto Basic recently analyzed how much an investor would need to achieve this target at different price goals.
Notably, to reach $1 million at the $5.18 value, an investor would need to hold 193,050 ADA tokens. These tokens can be acquired for $81,949 at the current Cardano price of $0.4245. Changelly expects Cardano to reach this maximum price level in January 2030.
Meanwhile, at the $15.14 price, investors would need fewer tokens to achieve a $1 million investment, with a total of 66,050 Cardano. A market participant looking to purchase these tokens would need to spend $28,038 at the current ADA price. Interestingly, Changelly predicts Cardano will reach $15.14 in October 2032.
For the ambitious $23.26 price target, Cardano investors must purchase 42,992 tokens to achieve the $1 million investment goal, with the tokens currently valued at $18,250. Analysts at Changelly believe ADA has the potential to reach the $23.26 price by December 2033.