Cardano price holds above $0.24—can ADA break $0.26 as $2 calls return?

Cardano’s price dipped 3.19% over the course of the week, though buyers successfully stopped the correction from deepening further. At the time of writing, ADA changed hands around $0.246, marking a 0.82% gain. This modest rebound arrives alongside renewed discussions regarding the potential for ADA to reach $2. However, for that target to become a reality, the asset must first clear a much nearer hurdle, and underlying network metrics complicate that outlook.

ADA’s recovery faces a familiar barrier. After escaping a downward price channel earlier in September, the token advanced toward the $0.26 region. Although it has tested that zone multiple times since, bulls have consistently failed to break through. This recent pullback places immediate attention on the $0.24 mark. Should buyers successfully defend $0.24, ADA could mount another challenge at the $0.26 threshold. A successful push above that resistance might then open the door to a move toward $0.28, according to TradingView data.

Conversely, a drop beneath the $0.24 support level risks sending the price down toward the $0.235 area. Breaking below that secondary floor would further weaken confidence in the validity of the recent breakout.

Does the Cardano network support a $2 valuation? Analyst Lark Davis recently pointed out that Cardano’s loyal user base might eventually propel ADA back toward $1, $1.50, or $2. Achieving a $2 price from its present standing, however, requires an increase of more than 700%.

Meanwhile, figures from DefiLlama indicate that Cardano’s Total Value Locked (TVL) dropped from approximately $140 million earlier in the year down to roughly $60 million to $70 million. While the TVL has experienced a minor bounce from its recent lows, it stays a long way off from earlier peaks. Trading activity across the Cardano ecosystem has likewise proven erratic, featuring occasional spikes that lack the sustained momentum needed to fuel a massive rally.