2024-8-26 00:00 |
Cardano (ADA) has been on a tear this week, with the 10th largest cryptocurrency by market surging by approximately 21%. This price action comes as part of a broader cryptocurrency market resurgence, led primarily by Bitcoin.
Notably, the recent rally follows a period of consolidation earlier this month, during which ADA sharply declined on August 5th, tapping $0.25, a price level not seen since February. Meanwhile, with renewed momentum, analysts now suggest that the recent low could be a critical turning point, potentially signaling the start of a new bullish phase.
Among the optimistic voices is a prominent analyst who operates under the pseudonym XForceGlobal on X (Formerly Twitter). On Friday, the pundit suggested that Cardano’s price could surge five to ten times its current value.
“Cardano did an 18,000% run in its last bull run, but it also did one of the strongest pullbacks during the bear market. Structure looks very similar to when SOL was creating a bottom as well for a 1-2 sequence. Wave 3 targets would be around $3.” He tweeted.
In a subsequent detailed YouTube analysis, the pundit elaborated on why Cardano could potentially hit his target. The analyst emphasized that Cardano has historically exhibited explosive growth during bull markets despite being overlooked by some in the crypto community. He noted that Cardano’s price structure is similar to Solana’s before its massive rally, suggesting a potential wave three to the upside for ADA.
“The reason why I like this coin specifically is because when it runs, it really runs,” he stated.
This bullish sentiment is further supported by Cardano’s upcoming “Chang” hard fork, which has been rescheduled to September 1st. On Friday, Cardano founder Charles Hoskinson explained the delay, noting that some exchanges, including Binance, need more preparation time.
The Chang hard fork, a pivotal upgrade, is expected to usher in the Voltaire era of Cardano, marking the final phase required for the network to become fully decentralized and self-sustaining. This development is considered highly bullish for ADA, with many in the crypto community anticipating significant gains.
Additionally, Cardano’s development activity has surged in recent months, outpacing even Ethereum, according to a recent report by Santiment. The network’s ongoing upgrades and projects have propelled it to third place in terms of GitHub submissions, reflecting the momentum behind the Cardano ecosystem.
At press time, ADA was trading at $0.3979, reflecting a 3.61% surge over the past 24 hours.
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