Cryptocurrency analyst Ali Martinez recently predicted that Cardano (ADA) could be on the verge of starting a bullish rally to reach $8 in January 2025, driven by the bullish sentiment flooding the market following the approval of spot bitcoin ETFs in the U.S.
Martinez pointed out on Twitter that if history repeats itself, ADA will reach new all-time highs in the coming months. However, he highlighted that in the short term, the price of ADA should test the $0.80 zone, then experience a slight pullback to $0.60 before ultimately entering its bullish rally.
Martinez bases his prediction on ADA’s historical price patterns, indicating that after consolidation periods, ADA has experienced significant price increases followed by corrections before entering sustained bullish trends.
Will ADA reach $8?
While the $8 prediction may seem very ambitious, Cardano’s technical fundamentals and development roadmap could be a good sign to expect new all-time highs by 2025.
With its PoS platform, scalability, and focus on decentralization and interoperability, Cardano has forged a community that sees great potential in ADA. This can be corroborated by the Messari report, which revealed that Cardano had a strong close in the fourth quarter of 2023, with a 66.7% increase in network revenue compared to the previous quarter.
Additionally, average daily transactions and active addresses recorded quarterly growth of 10.9% and 1.5%, respectively.
Hoskinson applauds Cardano’s growth
As recently reported by ZyCrypto, Charles Hoskinson, creator of the Cardano blockchain and its cryptocurrency ADA, expressed his satisfaction this week with the project’s progress following the publication of the Messari report.
Hoskinson emphasized the development advancements within the ecosystem, such as Midnight, Sonor, Hydra, and Milkomeda. He also highlighted metrics like the number of daily transactions, active addresses, and the overall network robustness, viewing them as positive signals of increasing adoption and intensive use of Cardano.
At the time of writing this note, the price of ADA remains at $0.79 while attempting to go past the $0.80 resistance, which it has been testing since yesterday afternoon. Therefore, Martinez’s projection could be on the verge of being realized.
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