Cardano (ADA), although currently disappointing crypto enthusiasts, has caught the attention of multiple analysts who believe it has the potential to surge by 2,100% to reach $10.
Recently, Cardano has been experiencing a downward trend, with prices dropping to levels last seen in December 2023. At present, Cardano is trading at $0.4421, showing a 4.1% gain over the past week.
Despite these recent gains, ADA has not been able to recover all the significant losses it faced in previous weeks. For instance, Cardano reached a new yearly high of $0.7966 on March 4, but by May 1, it had fallen by 47.33% to $0.4195.
As the crypto market enters a mini-recovery phase, influential figures in the crypto community have revised their outlook for ADA. They predict that Cardano will reach a new all-time high within the next seven months.
Among these voices is Altcoin Daily, a well-known platform with millions of followers on various platforms. Altcoin Daily confidently predicts that ADA will reach $9 by 2024, although they did not specify any particular factor that would contribute to Cardano’s climb to this target. Their proposition is mainly based on the widely anticipated post-halving bull rally.
It’s worth noting that ADA reached $3.10 during the peak of the 2021 bull season. Altcoin Daily’s prediction of $9 in 2024 implies an even higher value by 2025 when the bull run is expected to slow down. However, ADA would need to grow by 1,935.74% within the next seven months to reach $9.
Another X user, “CRYPTO THRO,” with 115.2K followers, has proposed a 2024 target of $7 for Cardano. On the other hand, market commentators like Ali Martinez and X user Lucid believe that Cardano’s peak value for the ongoing bull season is $10.
Martinez, unlike others, often refers to historical trends to support his projections for Cardano’s potential peak. In his recent analysis, he highlights that Cardano seems poised for a significant bull run. He notes that the recent 50% decline in ADA’s price could be a prime buying opportunity. Martinez draws parallels to 2019 when Cardano experienced a similar 50% price correction before rebounding, resulting in a 4,095% increase. Based on this, he predicts a potential 21-fold growth from the recent low, potentially reaching a new all-time high at $9.982.
Please note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct their own thorough research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses incurred.