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Cardano has received a lot of bullish predictions. Recently, especially with regards to the long-awaited Changpeng upgrade. The upgrade is one of the most important upgrades to the network in a while, and it has sparked a wave of optimism among supporters. In the midst of this, cryptocurrency analyst Alan Santana has made another bullish prediction, predicts A massive surge in the altcoin’s price would send it to new all-time highs.
Where does Cardano fit into this cycle?
In the past three years, Cardano price ADA has seen various waves of bullish and bearish cycles, and unfortunately, the bears seem to have won. This started after ADA hit an all-time high of $3.10 in 2021, and since then, it has been mostly bearish. While this would normally scare investors, cryptocurrency analyst Alan Santana points it out in his bullish analysis.
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According to the cryptocurrency analyst, the period when Cardano price reached its all-time high and the year 2023 when the price started moving upwards, showed that The altcoin was in a bear market.However, this was followed by a consolidation phase that lasted from the beginning of 2023 to the end of 2023.
Once the unification period is over, ADA price has started to see a rise. At the beginning of 2024, we saw its price rise from $0.24 to $0.79. Santana calls this phase the “initial bull run.” The reason this phase is so important is because it is what analysts call the “appetizer before the main bull run.” This means that if the analyst is right, this initial run is just a preview of what is to come.
The drop following the local peak at $0.79 was a concern for Cardano Investors The altcoin has lost around 50% of its value since then. However, the crypto analyst describes this as a “minor correction” that won’t matter much when the bull cycle rolls around.
What is the potential price increase for ADA?
From the analysis, it seems that Santana expects Cardano price The price is expected to bottom out at around $0.22. Shortly after, the decline is expected to be followed by a bounce, pushing the price even higher. From here, the targets come, both short-term and long-term.
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Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. However, the crypto analyst expects more in the long term. ADA price surgesThere are two particularly notable spikes: the first is a 1,272.18% surge to an all-time high of $4.8. While the most notable spike is a 2,200% surge that would put the price at $8.
Featured image created using Dall.E, chart from Tradingview.com
