When addressing recent concerns about an auditing process aimed at increasing the transparency of Cardano, Hoskinson noted that ADA is likely to outperform Ethereum. He stated:
"Bring together the right leaders, give them the right authority, and hold them accountable as they should; I believe Cardano will surpass Ethereum."
This bullish price prediction for Cardano is likely to materialize due to two factors: the increase in open interest and a rise in DeFi activity. In terms of open interest, data from Coinglass shows that this metric has risen to $1.74 billion, its highest level in history.
Cardano's open interest has increased by nearly a billion dollars in three weeks, considering it was around $777 million at the beginning of July.
There has also been significant growth in the network's DeFi activity, according to data from DeFiLlama, which shows a 72% increase in the total value locked (TVL) just this month, reaching $400 million at the close of this edition. If this increase continues, it could also be positive for the price and support new gains.
The Cardano Foundation will publish an audit report in mid-August that will shed light on recent allegations against Hoskinson for the misuse of 350 million ADA tokens. This audit could also drive up Cardano's price in August.
Therefore, a 155% increase in the price of ADA is likely, as shown by the descending wedge, and the altcoin could easily reach the target of $2.30. If open interest continues to rise while network activity surges, this target may be achieved before the end of the third quarter of 2025.