Cardano (ADA) has continued to make waves in the crypto community, with its market cap more than tripling over the past month.
ADA experienced impressive growth during this period, reaching $1.15 for the first time since April 2022 last week and marking a remarkable 205% increase in just the past 30 days. This resurgence is especially notable for a project that had previously faced criticism for stagnation.
Meanwhile, analysts are increasingly confident in ADA’s future potential as the growth continues. According to popular crypto analyst Ruper, host of the “All in Crypto” YouTube channel, Cardano could surge as much as sixfold in the current bull market, with even greater price gains on the horizon.
On Friday, the analyst highlighted the inverse head-and-shoulders pattern as the key technical factor behind his prediction, suggesting ADA could reach $6.00 or more. He emphasized that this pattern, which has fueled price surges in previous bull markets, is beginning to form again.
We saw the inverse head and shoulders play out during the last bull market, which took ADA to a peak of $2.17. Now, we’re seeing a similar pattern that could push ADA well past $6.” Ruper explained, echoing the sentiment shared by other analysts.
The analyst further elaborated on his reasoning behind the prediction. He pointed out significant market movements, such as Cardano’s inclusion in Bitwise’s Top 10 Index Fund on the New York Stock Exchange (NYSE). This milestone reflects growing institutional interest in ADA and other altcoins.
Additionally, the analyst drew attention to Bitcoin dominance, a significant factor in the broader crypto market’s behavior. He noted that as Bitcoin dominance begins to wane, it creates space for altcoins like ADA to shine.
“Bitcoin dominance is rolling at the same point as it did during the previous bull cycle, which further strengthens the case for a Cardano surge,” he added.
Meanwhile, Cardano’s recent advancements, particularly its role as a potential Bitcoin Layer 2 solution, boost bullish sentiment. This integration will allow Bitcoin to leverage Cardano’s smart contract capabilities while Cardano taps into Bitcoin’s vast liquidity pool.
The cryptocurrency’s fundamental strengths are equally compelling. An impressive 63.8% of the 35.7 billion ADA in circulation is currently staked, indicating a highly committed and long-term oriented investor base.
That said, Cardano’s appeal goes beyond technology. Founder Charles Hoskinson has been shaping U.S. crypto policy, including consulting with the Trump Administration and advocating for pro-crypto regulations. Speculation about potential policy changes, like eliminating the capital gains tax on U.S.-issued crypto, has further fueled investor optimism.
Predictions of $6 or more by the next market cycle seem within reach if this trend continues, making ADA a strong contender for a massive crypto comeback heading into 2025.
ADA was trading at $1.07 at press time, reflecting an 6.58% gain over the past 24 hours.
