Cardano (ADA) struggled as one of 2024’s worst–performing major cryptocurrencies, losing over 30% of its value year-to-date through October. However, November brought a quick positive turnaround, with ADA recouping roughly six months of losses in just seven days.
Now, a popular analyst is outlining a potential path for Cardano, predicting that the cryptocurrency could be on the cusp of a significant upward movement in the coming days.
ADA Signals Impressive Rally Next Year
After explosive price rallies earlier this month that stunned market observers,
the crypto market experienced a steep downturn in recent weeks fueled by the U.S. Federal Reserve’s hawkishness.
ADA, specifically, fell by over 40% from its local high of $1.33 to as low as $0.7620. However, one long-time trader and analyst in the crypto industry is leaning bullish on Cardano despite the drop below the critical $1 level.
Michaël Van de Poppe has suggested that the current market correction may be nearing its end, setting the foundation for a parabolic bullish phase for the token.
“I think we’re getting towards the end of this correction, through which I’m expecting a new leg up for things like ADA,” Van de Poppe wrote in a Dec. 30 post on X.
In the accompanying chart, van de Poppe noted that ADA’s bullish run from lows of $0.3260 at the start of November 2024 to highs of $1.3264 in early December 2024 was likely the “first wave upwards” for the ADA cryptocurrency.
The expert expects Ethereum rival Cardano to smash past its current lifetime high price point of $3.09 sometime in 2025 or 2026.
ADA is trading for $0.8724 at the time of writing, a 1.1% increase during the last day, according to CoinGecko data.
As the crypto asset battles to gain a foothold above the $1 mark, traders and analysts alike are closely watching its performance. A breakout above this psychological barrier could embolden the bulls, paving the way for further gains, potentially reaching $1.24 and ultimately $3.