Will Cardano Price Rebound as Hoskinson Hints at a TVL Surge After Midnight Launch?

Cardano price has been one of the top laggards during the ongoing crypto market crash. ADA trades at $0.4100, its lowest point in over a year, and 70% below its highest level in December last year. So, will the coin rebound as Charles Hoskinson hints of a surge in its DeFi total value locked?

Will Cardano Price Benefit if TVL Jumps as Hoskinson Expects?

Cardano price has been a top laggard in the crypto industry, partly because many investors see it as a ghost chain. In a recent X post, Nansen’s CEO predicted that it would fall out of the top 20 biggest coins as nobody used it. 

Indeed, when Cardano’s network suffered a glitch, the trending joke was that no one noticed, as no one uses it. This criticism will likely change soon as the network may see a surge in activity.

In a recent video recording, Charles Hoskinson noted that Cardano’s network will see a surge in activity and total value locked (TVL) soon. He pointed to the upcoming Midnight project, which will be launched in December this year.

According to Hoskinson, the platform has already made major partnerships with some of the biggest developers in the crypto industry. As a result, he expects that these developers will boost the total value locked (TVL) in Midnight and Cardano in extension.

Additionally, Hoskinson has hinted of an upcoming RealFi project that will supercharge the network’s growth. 

His statement came as third-party data shows that Cardano’s network is languishing. The TVL in its network has dived by 36% in the last 30 days to $186 million. In contrast, Monad, which launched its mainnet on Monday, is nearing $100 million in TVL. Cardano has less than $40 million in stablecoin supply and no market share in industries like gaming and RWA. 

ADA Price Technical Analysis

The daily chart reveals that the Cardano price has been in a strong downward trend as it continues to underperform other tokens. It has dived below the important support level at $0.5097, where it formed a double-bottom pattern a few months ago. 

Cardano’s Relative Strength Index (RSI) and other top oscillators have continued its downtrend. The RSI has already moved below the oversold level, which is a sign that it may rebound soon. 

Most importantly, it has formed a falling wedge pattern whose two lines are about to converge. Therefore, the most likely ADA price forecast is moderately bullish, with the initial target being the resistance level at $0.5097. 

On the other hand, a drop below the lower side of the wedge will cancel the bullish outlook. It will bring the target price to $0.2772, its lowest level in August last year.