Cardano has gotten plenty of bullish predictions recently, especially in relation to the much-anticipated Chang upgrade. The upgrade is one of the vital necessary upgrades for the network shortly, and this has triggered a wave of optimism amongst supporters. Amid this, one other bullish prediction has been presented by crypto analyst Alan Santana, who predicts a major rally for the altcoin’s price that may send it to latest all-time high prices.
Where Cardano Is In This Cycle
Within the last three years, the Cardano price has seen various waves of bullish and bearish cycles, and unfortunately, the bears look to have won out. This began after the ADA price hit its current all-time high price of $3.10 in 2021, and since then, it has been mainly down-only. While this might normally scare off investors, crypto analyst Alan Santana points it out in his bullish evaluation.
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In response to the crypto analyst, the period when the Cardano price hit a latest all-time high and 2023 when the value began moving upward, it showed that the altcoin was in a bear market. Nevertheless, this was followed by a consolidation phase, which lasted from the start of 2023 to the top of 2023.
Once the consolidation period was done, the ADA price began to see an upside initially of 2024. This saw its price go from as little as $0.24 to as high as $0.79. This phase, Santana refers to because the “initial bullish breakout.” Now, the rationale this phase is significant is it’s what the analyst refers to because the “entree or appetizer before the key bull-market.” Because of this is the analyst is true, then this initial breakout is simply a preview of what’s to return.
The decline that followed the local peak of $0.79 has been a source of worry for Cardano investors because the altcoin lost around 50% of its value since then. Nevertheless, the crypto analyst calls this a “minor correction” which wouldn’t matter much when the bull cycle rolls around.
How High Can The ADA Price Go?
From the evaluation, Santana seems to expect the Cardano price to bottom somewhere around $0.22. Soon after, a bounce is anticipated to follow the decline, pushing the value even higher. From here, the targets are available, each for the short and long run.
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Short-term targets include a 284.5% increase to $1.36, and a 475.39% increase to $2. Over the long run though, the crypto analyst expects rather more explosive rallies for the ADA price. Two specifically stand out: One is a 1,272.18% increase to a latest all-time high of $4.8. While probably the most notable rally is a 2,200% increase that may put the value at $8.
ADA price holds support | Source: ADAUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com