Cardano Rally Alert: Could ADA Hit a New ATH Sooner Than Expected?
Using its past price movement, market veteran Ali Martinez has contended that the Cardano bull run might still be in its early phases. In light of the recent market standstill, he emphasized this. Even if the cryptocurrency has already had an astounding 168% gain since November 2024, when the current bull run gained momentum, he maintained that ADA still has more opportunity to develop.
It’s interesting to note that ADA has seen two bullish closes in the last two months, climbing by almost 13% this month alone and nearly 40% during that time. Martinez maintains, however, that the Cardano bull run is just getting started. In support of his belief, the market expert cited previous chart patterns.
Martinez specifically contrasted the price changes of ADA since the 2021 peak with those that followed the 2018 peak. For background, Cardano crashed as the larger cryptocurrency market started a bear phase in January 2018, following a peak of $1.31 during the bull run at the time. When ADA fell below $0.1 in August 2018, it entered a parallel channel from its top of $1.31. From August 2018 to July 2020, Cardano’s price behavior was dominated by this parallel channel, with the altcoin consolidating between $0.1 and $0.02 over this time. Up until the November 2024 surge, when it made another breakout, ADA kept trading in this channel. The rally lost steam after this breakout, which propelled Cardano to a three-year high of $1.32 by December 2024. In the months that followed, ADA retested the channel breakthrough, much like it did in 2020.
Cardano is now recuperating from the testing, which lasted for months. Cardano is at the same place, according to Martinez, as it was just before the explosive run in November 2020. It is noteworthy that ADA surged 1,966% from late November 2020 to the August 2021 top of $3.1. Cardano might hit $18 if the same run from the current price of $0.91 occurs again. Martinez’s chart suggests a less ambitious goal, though. Data indicates that he anticipates Cardano to surpass $5 and possibly rise to $6.25, which corresponds to the Fibonacci extension of 127.2%.
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