In addition to the beautiful scenery on top of the mountain, you can walk down to Cardada cable car station.
Near the top of the mountain there is an inexpensive hotel, booking is possible only by email or by phone (information).
Church of Madonna del Sasso near the lower cable car station. It is considered the main attraction of the city.
Prices (2018):
Funicular Locarno Funicolare - Orselina Funicolare, one way - 4.2 CHF (2.2 CHF with Half Fare Card)
Cable car Orselina CIT - Cardada, return ticket - 28 CHF (14 CHF with Half Fare Card)
Chair-lift Cardada - Cimetta, return ticket - 10 CHF (5 CHF with Half Fare Card)
Cable car Orselina CIT - Cardada, return ticket and chair lift Cardada - Cimetta, return ticket - 36 CHF (18 CHF with Half Fare Card)
Getting there: funicular from Locarno Funicolare - Orselina Funicolare, find the schedule here https://www.sbb.ch/en/home.html. Then the cable car Orselina CIT - Cardada and the chair lift Cardada - Cimetta to the very top, the timetable of the cable cars is here http://www.cardada.ch/en/timetable-fares/timetable. If you are on a car, then come to the lower cable car station N 46 10.548 E 8 47.523 and look for a place to park. Here also information about big parkings http://www.cardada.ch/en/timetable-fares/parking. With the car you can almost reach the upper cable car station, parking lot is here N 46 11.351 E 8 46.628.