Within the last two weeks, Cardano (ADA) has battled declining price value as it struggles to climb above the $1 mark. In early December, ADA, riding on the broader cryptocurrency bullish cycle, hit its highest level. However, the asset has struggled to stay above $1 in the market space.
Cardano's price history offers optimism
Cryptorank datasignals positive growth for ADA in January if the asset aligns with historical precedence. ADA has registered an average growth rate of 20.4% in January for the past seven years.
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Hence, a repeat of history could see ADA soar by as much as 20% in January 2025. With this potential growth rate, the coin may reclaim the $1.20 price range within weeks.
In January 2023, ADA recorded a 59.2% growth rate. The figures were higher in 2020 and 2021, when Cardano witnessed a 64% and 89.9% upsurge, respectively. This suggests that ADA has experienced favorable market conditions during the month.
Cardano’s growth pattern analysis also suggests it alternates between increased growth and slight declines. Interestingly, the asset slightly declined 16.2% in January 2024. This sets it up for a possible rise in 2025.
Do current market signals hint at recovery?
ADA istrading down by 2.78% at $0.8721 in the last 24 hours as of this writing. However, the community remains bullish, and investors’ confidence appears unshaken. Despite the declining price, Cardano has witnessed an upsurge in market volume by 53.42% to $808.43 million.
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Analysts highlighted that a decrease in market participation had accompanied the previous price drop in ADA. However, with the soaring trading volume, ADA may have reached its price bottom and could proceed to register new heights, supported by its historical average growth rate.
Meanwhile, asreported by U.Today, Cardano whales recently bought up over 20 million ADA within 48 hours. Although no reason was given, market observers believe these large holders might have made the move, anticipating a price rebound.
