- Cardano (ADA) has struggled to break its ATH of $0.76, with only 34% of holders currently making profits, but market experts like Alexander Legolas and Av_Sebastian remain optimistic, predicting ADA could reach new highs by the end of 2024.
- Ali Martinez even forecasts a potential ATH of $8 by January 2025, citing historical price patterns.
Cardano (ADA), a prominent Proof of Stake Layer-1 blockchain, has been in the news recently due to its sluggish price movements. Despite reaching an all-time high (ATH) of $0.76 in March 2024, ADA has struggled to maintain this momentum, trading below $0.5 throughout May and into June. This has caused many crypto enthusiasts and ADA holders to question the coin’s potential for significant profit.
Current Market Sentiment and Holder Statistics
The lackluster performance of ADA has made it a target of ridicule within the crypto community. According to data from IntoTheBlock, only 34% of ADA holders are currently making profits, with 5% breaking even and a staggering 61% incurring losses. This bearish trend highlights the risks investors face, as prolonged low prices could further exacerbate their losses.
Interestingly, the majority of ADA holders are retail investors, not whale investors. Despite ADA’s low price, it hasn’t convinced large traders of its potential for growth. Additionally, data shows that 69% of ADA holders have held the coin for more than a year, 28% for less than a year but more than a month, and 4% for less than a month.
Bullish Predictions Amid Bearish Trends
Despite the prevailing negative sentiment, some market experts remain optimistic about ADA’s future. Alexander Legolas, a renowned market analyst, recently shared his insights on social media. He pointed out that it took approximately 292 days after the last Bitcoin (BTC) halving for ADA to surpass its previous ATH of $1.38, which occurred in January 2018. With only 46 days until the next BTC halving, Legolas predicts that ADA could break its current ATH within 246 days.
It took $ADA 292 DAYS after the last BITCOIN HALVING to get to its previous All Time High of $1.38 it set in Jan 2018.
— Alexander Legolas (@ShillMoBaggins) June 4, 2024
FRIENDS ITS ONLY BEEN 46 DAYS SINCE THIS CYCLES BITCOIN HALVING. Patience, the PUMP is coming. ADA will crush $3.10 in less than 292 days.
Supporting this optimistic outlook, another analyst, Av_Sebastian, has also forecasted that ADA might reach its ATH by the end of this year. He further predicts that ADA’s peak price actions will likely occur next summer or in the third quarter of 2025.
I cannot stress enough about this, the bull market hasn't even begun.$ADA will reach it's previous ATH around the end of this year and that is perfectly on schedule.
— Sssebi🦁 (@Av_Sebastian) June 4, 2024
Top of the bull for $ADA could be next summer or even Q3 2025. https://t.co/GF3qc4lnEV
Long-term Projections
Ali Martinez, another market analyst, speculated in February 2024 that ADA could soar to a new ATH of $8 by January 2025. His analysis suggests a unique price pattern: an initial rise to $0.80, a retracement to $0.60, followed by a bullish run towards $8.
The #Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating $ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025! pic.twitter.com/HuVAxFEg9Y
— Ali (@ali_charts) February 15, 2024
While ADA’s current performance might appear discouraging, several experts believe that the coin has significant upside potential. The predictions from these analysts provide a glimmer of hope for ADA holders. However, it is essential to remember that the crypto market is highly volatile, and external factors could influence the actualization of these predictions. As always, investors should exercise caution and conduct thorough research before making investment decisions.
