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An analyst forecasts that Cardano (ADA) could see an initial breakout rally of 531% to $2.77 before a full-scale 1,700% pump to over $7.77.
Cardano has re-entered the global crypto top 10, propelled by a market capitalization of $15 billion. This development follows a sharp 15% price surge in the last 24 hours, alongside a notable 24.56% gain over the past week.
Currently trading at $0.4281, ADA recently touched $0.44, its highest level since July. Analysts suggest this recovery marks the onset of a potentially bullish phase, positioning Cardano for further gains.
Bullish Momentum Signals Potential Highs
Crypto analyst Javon Marks predicts that Cardano could be entering one of its most bullish phases. He identifies $2.7709 as an initial breakout target, marking a 531% rise from current levels. However, historical patterns suggest that the rally could extend further, with ADA potentially surging to $7.77, a 1,700% rise.
$ADA (Cardano) now starting to return with major strength and can be entering the next and most bullish phase of its breakout process!
First breakout target remains over 531% away at $2.7709 but history says this run could consist of over +1,700% to $7.77+! https://t.co/Lf9z9nJ22I pic.twitter.com/oXEbKilgA9
— JAVON⚡️MARKS (@JavonTM1) November 8, 2024
In his previous October analysis, Marks noted several bullish signals that suggest a continuation of the upward trend. He compared the current market conditions to previous cycles when Cardano surpassed multiple price targets. According to Marks, a similar trajectory could lead to even greater gains, potentially pushing ADA to $7.82, a rise of over 2,030%.
Further backing this bullish outlook, Zayk Charts, a popular analytical account, highlighted a recent falling wedge breakout in Cardano’s price action. This pattern is considered a bullish reversal, indicating the end of a bearish phase and the beginning of a potential rally.
Zayk Charts anticipates a 60-70% increase in ADA’s price from current levels, which could push the token above $0.60 if the rally gains momentum.
Increased Cardano Development Activity
Cardano’s growth is not only reflected in its price but also in its development activity. Recent data from Santiment, a blockchain analytics platform, ranks Cardano as the fourth most active blockchain in terms of development, trailing only Internet Computer, Chainlink, and Hedera.
Santiment also noted the potential for retail FOMO (Fear of Missing Out) to fuel further price increases. With Cardano up more than 25% in the past three days, retail traders may soon enter the market, further driving up demand.
Historically, such periods of heightened interest often lead to increased price volatility as more participants join the market.
Additionally, Santiment observed a spike in whale activity on the Cardano network. On a single day, 697 transactions exceeding $100K were recorded, the highest level of whale activity since September 4.
Daily active addresses (DAA) on the network also surged to 37,892, adding further evidence of growing interest in Cardano.