Cardano has been the subject of numerous bullish predictions in recent times, largely due to the highly anticipated Chang upgrade. This upgrade is considered to be one of the most significant updates for the Cardano network in quite some time, sparking a wave of optimism among its supporters.
Over the past three years, the price of Cardano has experienced various cycles of bullish and bearish trends. Unfortunately, it seems that the bears have had the upper hand since the altcoin reached its all-time high price of $3.10 in 2021. Despite the downward trajectory of the price, crypto analyst Alan Santana remains bullish in his analysis.
Santana points out that following the all-time high in 2021, Cardano entered a bear market phase that lasted until the beginning of 2023. This was followed by a consolidation period throughout 2023, after which the ADA price started to show signs of an uptrend in early 2024. The price surged from a low of $0.24 to a high of $0.79 during this period, which Santana refers to as the “initial bullish breakout.”
The analyst suggests that this initial breakout is just the beginning of a larger bull market for Cardano. Despite a subsequent decline in price, Santana views this as a minor correction that will not have a significant impact when the bull cycle kicks in. He predicts that the price of Cardano could bottom out around $0.22 before rebounding and moving higher.
In the short term, Santana expects the Cardano price to reach $1.36, representing a 284.5% increase, followed by a further surge to $2, a 475.39% increase. However, the real excitement lies in the long-term projections, with the analyst foreseeing explosive rallies ahead. One notable target is a 1,272.18% increase to a new all-time high of $4.80. The most ambitious target is a staggering 2,200% increase that would propel the price to $8.
The bullish predictions for Cardano’s price outlook are based on an analysis of historical price movements and the upcoming Chang upgrade. While there may be short-term fluctuations and corrections along the way, the overall sentiment is optimistic about the future price potential of Cardano. Investors and traders will be closely monitoring these developments to capitalize on potential opportunities in the market.