Cardano (ADA) Is Exhibiting Signs of Recovery, with Renewed Strength That Could Signal the Start of an Extremely Bullish Trend

Renowned crypto analyst Javon Marks claims that ADA's present breakout momentum could only be a prelude to a far bigger surge.

Cardano (ADA) price seems to be signaling the beginning of an incredible bullish trend with renewed strength. According to renowned crypto analyst Javon Marks, ADA’s current breakout momentum might be setting the stage for a massive surge.

Potential For Massive Gains In ADA Breakout Phase

In a tweet, Marks demonstrates that ADA’s initial breakout target is at $2.7709, indicating a substantial 531% increase from its current price. However, if history repeats itself, ADA could experience gains exceeding 1,700%, catapulting it past the $7.77 price point.

This bullish outlook for ADA aligns with a broader market trend where leading cryptocurrencies, such as Bitcoin, spearhead the rally. Bitcoin’s surge, expected to peak at $80,000, has fueled anticipation for a forthcoming “altcoin season.” During this phase, alternative coins, like ADA, typically showcase strong momentum in their price increases.

CNF has covered this potential scenario extensively, suggesting that as Bitcoin rallies, altcoins could follow suit, capitalizing on the bullish market sentiment.

At the time of writing, ADA is trading at around $0.4353, and it has risen by 2.17% in the past 24 hours and an impressive 22.05% over the last seven days.

Moreover, as we previously reported, data from the analytics platform Santiment indicates that ADA’s price increase is likely to be sustained. Retail investors are experiencing rising Fear Of Missing Out (FOMO), which could amplify the buying pressure on ADA and help it continue its current uptrend.

A deeper examination of ADA’s metrics reveals strong support from its long-term holders. Santiment’s data shows that long-term investors hold 72% of the active addresses with ADA, suggesting a high conviction in the token’s future performance.

This large presence of long-term holders contributes to stability, as these investors are typically less inclined to sell in response to short-term price fluctuations, providing a stronger foundation for ADA’s potential growth.

In other news, to enhance the adoption and decentralization of its protocol, The Cardano Foundation has been actively forging strategic alliances with industry behemoths.

Cardano leads initiatives that champion decentralized governance and community-driven development as it strives to establish itself as a forerunner in the Web3 domain.

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