As the cryptocurrency market grapples with its latest downturn, Cardano (ADA) has not been spared, continuing its decline into August.
ADA was trading at approximately $0.369 at press time, reflecting an 11% loss over the past week and a 3% dip in the last 24 hours. Nevertheless, despite this bearish trend, some analysts make bold predictions about ADA’s future price potential.
One crypto analyst “Eilert” recently shared an optimistic forecast on X (formerly Twitter), suggesting that ADA could experience a monumental price surge if historical patterns hold.
“Last cycle, $ADA rallied from $0.075 to $3.16 [reflecting a 4113.3% surge] after finding support at the bear market rally rejection point. Now, 1400 days later, $ADA is once again retesting the bear market rally rejection point. History doesn’t repeat itself, but it often rhymes,” Eilert tweeted. Notably, considering current prices, a similar push-up would send ADA to around $15.
Elsewhere, YouTube analyst DeezyETH from the Discover Crypto channel also proposed an ambitious projection for the ‘Ethereum killer’. He projected that Bitcoin would hit $180,000 in the upcoming cycle, which meant that ADA could rise to between $6 and $9.
That said, amid these optimistic projections, on-chain data also reveals growing investor interest in Cardano. A poll by Gemini crypto exchange this week found ADA to be the leading community on X, ahead of major competitors like Solana, Ethereum, and XRP.
This growing interest is mirrored by market intelligence firm IntoTheBlock data, which shows that Cardano has seen substantial transaction volumes. Over the past 24 hours, ADA recorded $6.47 billion in large transactions, closely trailing Ethereum’s $7.83 billion.
Furthermore, net holdings among large ADA wallets have risen 15% in the past week, signaling strong accumulation. Additionally, despite ADA’s current struggles, Santiment’s analysis suggests a turnaround might be on the horizon.
“Crypto markets have retraced across the board, leaving traders calling for sub-$50K BTC once again,” the firm tweeted on Saturday. “However, history shows that when we see such low 7-day average trader returns for top caps like BTC, ETH, ADA, XRP, DOGE, and LINK, bounce probabilities rise significantly”
ADA also stands to gain significantly from upcoming developments such as the highly anticipated Chang Hard Fork, which is set to advance Cardano’s governance framework, potentially boosting the network’s functionality and appeal. Additionally, recent SEC clarifications that ADA is not considered a security could further enhance investor confidence, creating a favorable environment for a substantial price recovery.
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