If Cardano manages to replicate the impressive surge it experienced in late 2020 and early 2021, its price could reach a significant double-digit value during the anticipated altcoin season.
The current bull market has been ongoing for approximately six months, with Bitcoin surpassing its all-time high for 2021. Other lower-ranked assets such as Render and Injective are also going through a price discovery phase, surpassing their previous all-time highs.
Despite the ongoing bull market, altcoins like Cardano are still far below their 2021 highs. Cardano, in particular, is currently trading at a staggering 81.04% below its previous peak of $3.10. However, there is still optimism among market participants that Cardano could experience a significant price surge once the altcoin season gains momentum. Market observers expect the altcoin season to kick into full gear this month after the Bitcoin halving.
Although the potential extent of Cardano’s rally during this bull season is still debatable, The Crypto Basic attempts to assess the potential value of ADA based on historical data if it manages to replicate the rally that took it to its 2021 high of $3.10.
Cardano’s trajectory from 2020 to 2021 is noteworthy. After the rallies in 2017, Cardano traded for pennies for a long period before making a comeback in late 2020. In August 2020, Cardano experienced a 338% rally, reaching a price of $0.14. It then dropped to $0.08 in September but managed to recover steadily and surpassed the $1 threshold by February 2021. Cardano’s uptrend continued until May 2021 when it reached $2.3 for the first time. It then experienced a bearish phase for three months before resuming its bullish momentum and reaching $3.10 by September 2, 2021. Overall, Cardano surged by an impressive 3,775% from its low of $0.08 in September 2020 to its peak of $3.10 a year later.
At present, Cardano is trading at $0.5832. If it were to replicate a similar surge of 3,775% over the next year, the price of ADA could increase nearly 38-fold, potentially surpassing $21.
Renowned market analyst Ali Martinez has suggested that Cardano’s current pattern resembles the one seen in late 2020. He predicts a peak price of $7 for ADA in this cycle. However, Martinez later revised his projection to $8, believing that ADA could reach this target by January 2025. Other market watchers, including Cardano bull Dan Gambardello, have even argued for a possible price point of $11 for ADA.
It’s important to note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers should conduct their own research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses incurred.
