Lately, Cardano has been the subject of numerous bullish predictions, especially in relation to the highly anticipated Chang upgrade. This significant upgrade is set to be one of the most crucial ones for the network in quite some time, sparking a wave of optimism among its supporters.
Over the past three years, the Cardano price has experienced a series of bullish and bearish cycles, with the bears seemingly prevailing. This downward trend began after the altcoin reached its all-time high price of $3.10 in 2021, and ever since then, it has been on a downward trajectory.
Despite the pessimistic outlook, crypto analyst Alan Santana has presented a bullish prediction for Cardano’s price, suggesting a significant rally that could potentially push it to new all-time highs. Santana points out that the period between Cardano’s last all-time high and the beginning of an upward movement in 2023 indicated a bear market for the altcoin.
Following the previous bearish trend, there was a consolidation phase that lasted from the start of 2023 to the end of the same year. This consolidation period was crucial as it set the stage for a subsequent uptrend in the ADA price that began in early 2024.
The Initial Bullish Breakout
The uptrend in early 2024, according to Santana, marked the “initial bullish breakout” for Cardano. This phase is seen as a precursor or appetizer before a major bull market, hinting at even more significant price rallies in the future.
Despite the recent decline in Cardano’s price, Santana suggests that it is merely a minor correction within the larger bullish cycle ahead. The analyst anticipates a bottoming out of the price around $0.22, followed by a bounce that could drive the price higher.
Looking ahead, Santana has outlined both short-term and long-term price targets for Cardano. In the short term, he predicts a 284.5% increase to $1.36 and a 475.39% increase to $2. However, the long-term outlook is even more promising, with projections of a 1,272.18% jump to a new all-time high of $4.8 and an impressive 2,200% surge to $8.
With these price predictions in mind, it is essential for investors to exercise caution and carefully assess their risk tolerance before making any investment decisions based on speculative forecasts. While bullish predictions can stir excitement and optimism, it is crucial to approach them with a critical eye and remember the inherent volatility of the cryptocurrency market.