Despite the Cardano trend below $1, a top market analyst has warned against selling ADA this cycle before a six-fold rally.
After a period of massive price uptrend, Cardano and the broader crypto market have consolidated slightly in the past 24 hours. For context, ADA is down 3.82% over the past day, correcting from a high of $0.76 yesterday.
Nonetheless, its trajectory appears to still be up only from here, at least according to a recent analysis. Specifically, Mr. Banana has urged Cardano holders not to sell short of a new all-time high of $5 this bull cycle.
Cardano Will Reach $5
The analyst shared in a Monday tweet that Cardano will break its current all-time high of $3.10 this cycle. This confident projection comes despite ADA being 76% away from the price mark.
Notably, he projected a rally to $5 this cycle, which is about 594% away from its current price of $0.72. Until Cardano gets to this price target this cycle, he argued that anyone selling is not realizing ADA’s full bullish potential.
When asked why he projected the price target, Mr. Banana stated that it is mainly due to strong fundamental analysis of the Cardano ecosystem. However, he did not provide further perspective on this claim.
Nonetheless, the Cardano community has been buzzing amid strategic developments. First, the ecosystem has progressed in its course to unlock Bitcoin DeFi with the recent Lace Wallet rollout boosting momentum.
Furthermore, a Cardano spot exchange-traded fund (ETF) could launch soon. A recent disclosure from Bloomberg’s senior ETF analyst Eric Balchunas suggests that there is a 90% chance of approval for the ADA-focused investment product before the end of 2025.
Several other bullish fundamentals, like Cardano’s addition to the five assets in the US crypto stockpile and founder Charles Hoskinson’s mention in Donald Trump’s crypto cycle, have all sparked optimism among ADA proponents.
Notably, an earlier parallel analysis suggests these developments should take Cardano to $10 this cycle.
Cardano Ready for a Massive Move
Meanwhile, Mr. Banana identified a new price development in a parallel tweet, suggesting that Cardano is about to take off. He noted that the blue-chip asset is getting ready for a massive move as it approaches a major resistance level.
For context, ADA’s 25% growth last week has brought prices closer to a support-turned-resistance zone. Notably, Cardano faced a strong rejection in the area around $0.80 in May after dropping below the support with its bearish trends in April.
If the current bullish momentum endures and ADA breaks the supply zone, the analyst predicts a rally past the $1 price mark. Remarkably, the coin last traded above $1 in December 2024, when it rallied to $1.32.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
