Will Cardano (ADA) Investors See a Huge Rally Like Solana in Early 2024? Analysts Predict ADA Could Reach $3
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
Cardano (ADA) could be on the verge of a huge rally akin to what Solana (SOL) saw in early 2024, with analysts predicting that the ADA price could reach as high as $3 this bull market.
Popular technical analyst XForceGlobal commented on X that Cardano’s current structure looks similar to when Solana created a bottom.
$ADA
Primary Macro Analysis#Cardano did an 18,000% run in its last bull run, but it also did one of the strongest pullbacks during the bear market. Structure looks very similar to when $SOL was creating a bottom as well for a 1-2 sequence. Wave 3 targets would be around $3. pic.twitter.com/KRKxcNEgX8
XForceGlobal, citing Elliot Wave theory, predicted that “wave 3” could see the ADA price rally to as high as $3.
That would market a whopping near-10x rally from its current levels around $0.35.
Other analysts share the optimism. Crypto Capital Venture founder Dan Gambardello asked “what if Cardano does a 25x…?”.
What if Cardano does a 25x…? pic.twitter.com/3EYjfqHNv3
If Cardano is following in the footsteps of Solana, then that’s very possible.
From its late-December 2022 lows around $8 per token, Solana saw a 26x rally to its March 2024 highs at $208.
By contrast, ADA is only up about 60% versus its 2022 lows. And at its peak earlier this year when it reached above $0.80, ADA was up less than 4x.
A weak adoption narrative has plagued ADA in the past year and a half.
Whilst on-chain activity on Solana has exploded in 2023/2024, ADA’s has remained muted.
The Cardano blockchain only boasts a trade value locked in its
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