Top Analyst Says a Cardano Rally to the Bull Market Door at $1.25 Is “Very Close”

Cardano could be approaching a crucial level, which will mark the start of its explosive cyclical rally to unprecedented prices.

Cardano (ADA) put in an impressive price performance last week, ending nearly 20% higher. This marked a second consecutive weekly uptick, during which the 10th largest cryptocurrency by market cap rallied 30% and briefly flipped Tron to the ninth spot.

Nonetheless, Cardano could be setting up for even better upsides. Prominent crypto analyst Dan Gambardello has shared that ADA will soon reach a critical price level, which will usher it into its bull market phase.

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Cardano Bullish Phase Closing In

For context, Gambardello marked the $1.25 price mark as the Cardano bull market door in his X post on Sunday. He represented the region below the critical price mark in a red rectangle and identified that a breakout from the zone would open ADA up to its hyper-bullish price phase.

Notably, Cardano has not sustained a trend above $1.25 since its 2021 success. Its last rally outside the marked zone was a short-lived surge to $1.32 in December, which was followed by a strong rejection to lower prices.

Meanwhile, Cardano made a lower high at $1.247 in April 2022, further buttressing the massive supply around the area. If ADA finally breaks this resistance, the analyst suggested that it would be an essential bull market indicator.

Cardano Targets Following Breakout

First, Gambardello expects Cardano to rally to an ascending resistance trendline around $2.10. Notably, the trendline had impeded higher prices for ADA in past visits. For perspective, ADA retraced from the trendline in December 2023, peaking at $0.680.

Cardano reached the resistance wall again in March 2024 but faced a similar outcome and dropped from its high of $0.810 to lower prices. This suggests that ADA needs to break above the trendline to sustain its foray to unprecedented prices.

Ultimately, the chart marked a surge to $10.025, marking a new all-time high for Cardano. The price mark, which prominent market watchers like Ssebi have projected, represents a 993% rally from its current market price of $0.917.

Surging Futures Interest Fueling Bullish Optimism

Meanwhile, emerging interest in Cardano, especially among leveraged traders, further adds to the bullish sentiment. Recent data shows that the ADA futures volume reached approximately $7 billion last week, the highest in five months.

Specifically, this large trading volume occurred on August 14, when ADA surged to $1.02 overnight, despite a broader market downtrend. This marked a shift from the volume ranging between $1 and $3 billion seen since March.

Notably, interest of this nature has a severe impact on prices, especially when it occurs on a sustained basis. A volume spike typically precedes significant price movements, and it could be the case for Cardano.