In mid-April, it looked like Cardano (CRYPTO: ADA) might be on the cusp of a breakout. At that time, it was trading around $0.45 and was up more than 80% for the year. However, over the past 30 days, the blockchain platform is down by almost 20%, and much of the springtime optimism seems to be fading.

So what needs to go right for Cardano to break through the $1 mark in 2023? Below are two factors that could affect its valuation.

It might sound obvious, but the primary factor to watch is overall growth in the Cardano ecosystem. This is important because investors have continually complained that nothing is happening on its blockchain. In the minds of many investors, it's a "ghost chain." So Cardano absolutely has to show very specific numbers about its growth in order to convince these skeptics.

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Source Fool.com