thecryptobasic.com
While Cardano (ADA) currently underwhelms crypto enthusiasts, multiple analysts have re-emphasized its potential to soar by 2,100% to $10.
In recent times, Cardano has been at the mercy of the bears, crashing to price levels last seen in December 2023. Currently, Cardano trades at $0.4421, with a 4.1% gain in the last seven days.
However, these gains have not helped ADA recover all the substantial losses it incurred in the past weeks. In particular, Cardano established a new yearly high of $0.7966 on March 4. By May 1, it had collapsed by 47.33% to $0.4195.
With the crypto market entering a mini-recovery mode, top voices in the crypto community have updated their outlook for ADA. They see Cardano creating a new all-time high within the next seven months.
Cardano to Soar 1,935% in 2024
Among the leading voices projecting a new peak for ADA in 2024 is Altcoin Daily, a well-known platform with millions of followers on X and YouTube. Altcoin Daily boldly asserted that ADA is headed for $9, emphasizing it would hit the target in 2024.
However, the platform highlighted no specific factor that could enhance Cardano’s ascent to the loft target. Its proposition chiefly relies on the widely anticipated post-halving bull rally.
My 2024 BULL RUN PEAK PRICE TARGETS! 🎯 #crypto$BTC – 120,000$ETH – $8,800$SOL – $720$LINK – $120$BNB – $1800$ICP – $460$TAO – $2,100$ADA – $9$INJ – $220$RNDR – $80$DOT – $99$ONDO – $12$XRP – $5$DOGE – $1.90$TON – $35$AVAX – $350$TRX – $2$NEAR – $130$PROPY -…
— Altcoin Daily (@AltcoinDailyio) May 7, 2024
Notably, ADA achieved $3.10 at the height of the 2021 bull season. Altcoin Daily’s suggestion of $9 in 2024 implies a potentially higher value by 2025 when the cycle’s bull run is forecasted to begin cooling off. Nonetheless, ADA demands a 1,935.74% growth within the next seven months to hit $9.
In a separate conversation, X user “CRYPTO THRO,” with 115.2K followers, proposed a 2024 target of $7 for Cardano. Meanwhile, other market commentators like Ali Martinez and X user Lucid believe Cardano’s peak value for the ongoing bull season is $10.
$ADA will hit $10!🏌️♂️
Cardano represents the accumulation of the greatest cryptographic & philosophical concepts humans have ever thought of! Freedom, Ownership, Security, & the highest level of Decentralization on Earth! $ADA 🔱
— Lucid (@LucidCiC) May 7, 2024
ADA Headed for $10?
Unlike others, Martinez has frequently referenced historical trends to support his projections for Cardano’s potential peak.
In his most recent analysis, Martinez highlighted that Cardano appears set for a significant bull run. He noted that the recent 50% decline in ADA’s price might represent a prime buying opportunity.
He drew parallels to 2019 when Cardano experienced a comparable 50% price correction before rebounding. In particular, the analyst stressed that the rebound from the dip drove Cardano by 4,095%.
Concluding the analysis, Martinez forecasted up to a 21-fold growth from the recent low to potentially reach a new ATH at $9.982.