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Javon Marks, a popular market commentator, suggests Cardano could be entering a new accumulation phase similar to the 2020 setup that preceded $ADA’s historic rally.
Notably, Marks shared a long-term technical analysis suggesting that Cardano has formed a base resembling the structure it developed before its major 2021 rally. Based on the historical comparison, he believes $ADA could be in the early stages of another significant move.
Cardano Forms Base Similar to 2020 Structure
According to Marks, Cardano’s current price structure shares similarities with its 2020 market setup. At the time, $ADA spent an extended period consolidating before breaking higher and entering a powerful uptrend.
The accompanying weekly TradingView chart highlights the similarities between the two structures. In particular, the chart shows $ADA moving through a prolonged consolidation phase before recovering from a recent low.
Meanwhile, Marks projected that the similarities could trigger a potential move toward the $2.90 level. With $ADA trading around $0.246, reaching that target would require a gain of roughly 1,050%. Marks described the potential move as another monstrous run.
$ADA Rebounds From September Lows
Meanwhile, $ADA has also recorded notable gains since mid-September. It traded around $0.19012 on September 16 before gradually recovering amid the broader market rally.
The rebound eventually pushed $ADA to $0.262 this week. However, $ADA later retraced and now traded at $0.246 at press time.
If $ADA eventually reaches Marks’ $2.90 target, its market capitalization would rise to $106.62 billion, given its circulating supply of 36.76 billion $ADA. Moreover, the projected price would place $ADA relatively close to its previous peak price of $3.10.
$ADA Previous Bull Rally
Cardano’s historical performance provides the basis for Marks’ comparison. $ADA traded around $0.020 in early 2020 before entering a prolonged rally that eventually pushed the token to $3.10 on September 2, 2021.
Similarly, the current chart shows $ADA spending an extended period within a broader consolidation structure before attempting to break higher.
Meanwhile, SongMarketCap founder Jure Karamarko has previously expressed confidence that $ADA will revisit the $3 level. He argued that the key question is when, rather than whether, Cardano will return to that price.
Cardano founder Charles Hoskinson has also pointed to $ADA’s historical rise from roughly $0.02 to $3.10 when discussing the cryptocurrency’s potential for another major rally.
While Marks believes $ADA’s current setup could mirror its 2020–2021 rally and propel the token toward $2.90, historical patterns do not guarantee a repeat performance. Instead, the comparison highlights a potential accumulation phase similar to Cardano’s previous cycle.