Cardano, going to $4?...Analyst "Breaking $1 is the trigger"

▲ Cardano(ADA)

Cardano (ADA) is once again attracting market attention, with analyses suggesting a potential breakthrough to $4 after a long-term decline and consolidation phase.

According to The Crypto Basic on May 15 (local time), financial analyst Celal Kucuker stated in a post on X (formerly Twitter) that, based on Cardano's long-term chart structure, “the move towards $4 looks very clean.” Kucuker rated Cardano as one of the “strong star candidates” in the current bull market cycle.

Kucuker's chart analysis focused on Cardano forming a large rounded bottom pattern after years of decline and sideways movement. He suggested that if Cardano recovers the key resistance level near $1, the next major target could be $4.21. At the time of writing, Cardano's price was stated as $0.2678, and a rise to $4 would represent an increase of approximately 1,394%. If this scenario materializes, Cardano would surpass its previous all-time high of $3.10, recorded in September 2021.

At the time of writing, Cardano was trading at $0.2678, up approximately 1.2% over 24 hours, and also showed an upward trend over the past week. During the same period, Bitcoin (BTC) rose by about 1.27%, and the total cryptocurrency market capitalization increased by approximately 1.05%. The Crypto Basic reported that Cardano's recent rebound is likely linked to an overall improvement in cryptocurrency market sentiment rather than an independent catalyst.

However, despite its recent gains, Cardano has fallen by approximately 65% over the past year. Cardano traded above $0.80 before its long-term decline but then entered a prolonged bearish trend. Analysts believe that a prolonged period of price compression, combined with improving market conditions, could form the basis for a major breakout.

The accumulation trend of whale wallets was also presented as a factor fueling expectations for Cardano's recovery. According to Santiment, wallets holding more than 1 million ADA currently hold 25.09 billion ADA, which accounts for 67.47% of the circulating supply. This accumulation trend has continued since December 2023, even as Cardano's market value fell by 71% over the past nine months. Santiment stated, “Cardano's key stakeholders have been slowly but surely accumulating since December 2023, continuously adding more to their existing supply.”

Separately, analyst Ali Martinez analyzed that Cardano might be preparing for a rebound after several months of downward pressure. He suggested that if upward momentum builds, $0.33 and $0.42 could be target prices, but noted that defending the $0.25 support level is necessary to maintain a bullish structure. The Crypto Basic reported that with a combination of technical signals and whale accumulation, market participants are paying attention to early signs of Cardano's recovery.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*