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If Cardano repeats the 3,775% surge of late 2020 and 2021, its price could rise to a substantial double-digit value at the peak of the anticipated altcoin season.
The current bull market has been ongoing for approximately six months, during which Bitcoin (BTC) has surpassed its 2021 all-time high.
Lower-ranked assets such as Render (RNDR) and Injective (INJ) are also experiencing a price discovery phase, having cracked their previous all-time highs.
Despite the ongoing bull market, many altcoins like Cardano (ADA) remain significantly below their 2021 highs. In particular, ADA trades at a staggering 81.04% below its previous peak of $3.10.
Nonetheless, market participants are still optimistic about a potential ADA price surge once the altcoin season gains momentum. Market observers expect the altcoin season to kick into full gear this month following the Bitcoin halving.
Despite the growing optimism, the potential extent of Cardano’s rally for this cycle’s bull season remains contestable.
Nonetheless, The Crypto Basic attempts to assess the potential value of ADA, based on historical data, should the asset reestablish the rally that took it to the 2021 high of $3.10.
Cardano 2020 to 2021 Bull Trajectory
Notably, ADA traded for pennies for an extended period after the 2017 rallies before regaining its footing in late 2020. For instance, Cardano opened in 2020 at $0.03283 and remained around that range for most of the year.
Meanwhile, the token experienced a 338% rally that year, propelling its price to $0.14 in August 2020. By this time, the Bitcoin halving had already occurred in May 2020.
However, ADA collapsed significantly in September, dropping to $0.08. Remarkably, its recovery from this point was more enduring, as it maintained a steady path and reclaimed the $1 threshold by February 2021.
Cardano’s uptrend did not cool off until May 2021, when it traded at $2.3 for the first time. It experienced nearly three months of bearish performances before resuming the bullish momentum and ultimately hit $3.10 by September 2, 2021.
From the September 2020 low of $0.08 to the $3.10 peak a year later, Cardano soared by 3,775%.
ADA Repeating History
At press time, Cardano sells for $0.5832. Repeating a similar 3,775% surge over the next year would imply ADA expanding by nearly 38-fold, potentially putting its price above $21.
Renowned market analyst Ali Martinez has asserted that Cardano’s current pattern mirrors those exhibited in late 2020. Consequently, he projected a $7 price point for ADA’s peak for this cycle.
Meanwhile, in subsequent updates, Martinez revised his projection for ADA to $8. He believes this $8 target is attainable by January 2025. Other market watchers, including Cardano bull Dan Gambardello, have argued the possibility of an $11 price point for ADA.