Can Cardano Reach $1?

As of mid-April, Cardano (CRYPTO: ADA) was up nearly 80% for the year, and all signs were flashing green for crypto investors. But then came the Securities and Exchange Commission's (SEC) crypto crackdown in June. Now, Cardano is just struggling to reassure investors that everything is going to be OK. Currently, the token is trading at just $0.33, almost 90% below its all-time high of $3.10. For the year, it is now up just 35%, making it a laggard compared to most top cryptos.

Obviously, for Cardano to triple in value from its current price and hit the $1 mark, a lot has to go right. Here are three key catalysts that could help push it to that level.

Let's start with the SEC crackdown on crypto. In early June, the regulator filed lawsuits against two top cryptocurrency exchanges, Binance (CRYPTO: BNB) and Coinbase Global (NASDAQ: COIN). In those lawsuits, the SEC specifically named Cardano as one of the "unregistered securities" that these exchanges were improperly offering to their customers. This came as a surprise to just about everyone, and investors immediately started dumping Cardano. While its price has recovered somewhat in July, there is still a lot of fear, uncertainty, and doubt swirling around the crypto.

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Source Fool.com