TL;DR
- ADA has been struggling for the past few weeks and even on a monthly scale, but there’s a chance it could skyrocket to $2 under certain conditions, said a renowned analyst.
- The Cardano ecosystem and its native token have seen a substantial uptick in social sentiment lately, which could propel the aforementioned ADA rise.
Cardano’s native token, ADA, was once the biggest gainer in the cryptocurrency industry. This surge was fueled by notable remarks from IOG founder and CEO Charles Hoskinson, who announced plans to collaborate with the Trump administration to establish a digital asset regulatory framework in 2025. Following this announcement, the underlying asset ascended toward multi-year peaks exceeding $1.3 in early December.
However, this momentum was not sustainable, resulting in ADA’s descent toward $0.5 at one point. It had a brief peak at $1.2 after President Donald Trump mentioned ADA among the potential participants in the country’s strategic cryptocurrency reserve, but the token’s value subsequently tanked, leading to ongoing challenges in remaining above $0.7.
Despite these struggles, renowned analyst Ali Martinez posits that ADA could theoretically surge to $2 in the near future. However, this requires the token to achieve a daily closing price above $1.2, which translates to a substantial 70% increase from current levels.
A daily close above $1.15 will confirm this right-angled descending wedge, pushing #Cardano $ADA to $2! pic.twitter.com/VWHb9Bpw4h
— Ali (@ali_charts) March 20, 2025
While this projection may appear improbable given current market conditions, it is important to remember that ADA has previously demonstrated an ability to achieve significant gains within a short timeframe.
Sentiment surrounding Cardano and ADA is increasingly bullish, as indicated by recent reports of a surge in social sentiment. Such positive sentiment may contribute to substantial price increases. Furthermore, the potential approval of an ADA ETF in the United States could act as another catalyst for price hikes, pushing the token to new local highs.
The post Here’s What it Will Take for Cardano (ADA) to Surge to $2: Analyst appeared first on CryptoPotato.
