Cardano has been the subject of numerous bullish predictions recently, especially with the much-anticipated Chang upgrade on the horizon. This upgrade is seen as one of the most significant for the network in recent times, sparking a wave of optimism among its supporters. Amid this surge of positivity, crypto analyst Alan Santana has presented another bullish forecast, predicting a significant rally for the altcoin that could push its price to new all-time highs.
Over the last three years, Cardano’s price has experienced various bullish and bearish cycles, with bears seemingly winning out. This downturn began after the ADA price reached its current all-time high of $3.10 in 2021 and has been predominantly downward since then. While such a trend would typically deter investors, Alan Santana offers a hopeful analysis.
Santana points out that the period from Cardano’s all-time high to 2023 was marked by a bear market, followed by a consolidation phase that lasted from the beginning to the end of 2023. Following this consolidation, the start of 2024 saw the ADA price begin to rise, moving from a low of $0.24 to as high as $0.79. Santana refers to this as the “initial bullish breakout,” viewing it as merely a precursor to a major bull market. If Santana’s analysis holds true, this initial breakout is just a preview of what lies ahead.
The decline that followed the local peak of $0.79 has caused concern among Cardano investors, with the altcoin losing around 50% of its value since that high. However, Santana terms this drop a “minor correction,” suggesting it won’t matter much when the anticipated bull cycle begins.
Santana’s analysis indicates that the Cardano price might bottom out around $0.22. A bounce is expected to follow this decline, potentially pushing the price even higher. Short-term targets include a 284.5% increase to $1.36 and a 475.39% increase to $2. Over the long term, Santana envisions even more dramatic rallies for the ADA price. Notable among these are a 1,272.18% increase to a new all-time high of $4.8 and a staggering 2,200% increase that could see the price hit $8.
The ADA price continues to hold support, signaling potential strength in upcoming trading sessions. These predictions and the optimism surrounding the Chang upgrade could mark a significant turning point for Cardano and its investors.
