After months of consolidation, @Cardano Foundation ($ADA ) is poised for a potential 2,222% rise, according to analyst Alan Santana. ADA has recorded positive growth in the short term and is undergoing a "minor correction" within a larger bullish framework.
Key Points:
- Cardano's prolonged bear market and consolidation phase have set the stage for a potential explosive breakout.
- Santana predicts a primary bull market that could drive ADA to unprecedented levels, potentially reaching $8.50 by 2025.
- Key resistance levels are at $1 and $1.6, where traders may consider taking partial profits or reassessing their positions.
- Cardano's market cap could reach $300 billion if it reaches the $8.5 mark, positioning it close to Ethereum.
Challenges and Developments:
- Cardano faces challenges from emerging Layer 2 solutions like Arbitrum and Optimism.
- Ongoing network developments, such as the Chang Hardfork upgrade, will impact Cardano's prospects.
- The upgrade aims to introduce a "liquid democracy with a constitutional republic," allowing ADA holders to access Cardano's treasury.
Current Price:
- ADA is trading at $0.36, having rallied almost 5% daily and up 10% on the weekly chart.
- To maintain momentum, Cardano needs to reclaim the $0.40 resistance level, with a long-term target of around $0.50.