Analyst Projects 2,288% Cardano Surge to $6, Identifies When ADA Bull Run Could Begin

Analyst Ali Martinez forecasts a potential 22X surge in Cardano (ADA) prices starting amid recent market challenges and declining on-chain activity.

Despite Bitcoin breaking above $71K today, Cardano is trading at $0.3473, reflecting a loss of 12% from the higher value it saw a month ago. ADA has only seen a 2.2% gain today amid the renewed bullish momentum in the crypto market.

This inferior performance remains a concern for ADA holders. However, on-chain analyst Ali Martinez has recently reassured them with an optimistic outlook based on historical trends.

In an analysis shared on X today, Martinez expressed his belief that ADA is mirroring the pattern it established back in 2020. He emphasized that if history repeats, Cardano could see a price surge as early as November 18. He further noted that ADA could maintain a bullish trend and reach a market peak by September 2025.

Cardano Historical Performance

Martinez derived these dates from observing that Cardano began its previous bull run on November 16, 2020, after a consolidation period of 672 days. According to his analysis, ADA rallied by 4,095% from around $0.09 to an all-time high of $3.10 ten months later.

Notably, ADA has spent 455 days in a range pattern following that peak rally. Although a breakout occurred earlier this year when Cardano reached $0.80, it has since declined by 65%, returning to low levels prior to the Q1 rally.

Martinez believes that Cardano’s potential to recalibrate its historical pattern could see the altcoin soar by 2,288% to reach a new all-time high of around $6.50. In earlier analyses, he had suggested a potential peak of $7 to $10 for ADA this season.

However, market participants are becoming increasingly skeptical about ADA’s prospects, given recent price actions. A comment on Martinez’s analysis noted that while new coins in the top 100 are experiencing gains of 20% during market rallies, ADA and several older coins struggle to keep up. 

“I really hope it can reach $4 or higher, but I feel like it won’t even hit $3,” the investor stated.

Cardano at Risk of Further Downside

Meanwhile, a fresh update from IntoTheBlock has raised warnings for ADA holders. IntoTheBlock revealed that Cardano’s NVT ratio has risen to its highest level since June. This metric indicates a decline in on-chain activity relative to price gains.

IntoTheBlock highlighted that this overvaluation indicator is particularly significant in light of ADA’s recent poor performance, suggesting the possibility of further declines.

The analysis also pointed out that historically, high NVT ratios often precede price pullbacks. It concluded that Cardano’s price may struggle to maintain its momentum without an increase in on-chain engagement.