According to Altcoin Daily, a crypto market show hosted by analysts Aaron and Austin Arnold, Cardano could rise 2,095% to its peak price target during this bull run.
The official Altcoin Daily X account revealed this by presenting projected peak price targets for various assets during this bull run. All of the targets represent huge jumps from current positions, but Cardano’s projected rise was one of the most ambitious.
My 2025 BULL RUN PEAK PRICE GUIDES! 🎯 #crypto$BTC – 120,000$ETH – 8,800$SOL – 720$LINK – 120$BNB – 1,800$ICP – 460$TAO – 2,100$ADA – 9$INJ – 220$RNDR – 80$DOT – 99$ONDO – 12$XRP – 5$DOGE – 1.90$TON – 35$AVAX – 350$TRX – 2$NEAR – 130$PROPY -…
— Altcoin Daily (@AltcoinDailyio) July 24, 2024
Analysts believe Cardano has the potential to rise to a high of $9 as the peak of the current bull run. Earlier this month, analyst Ray ADA is predicted to reach $9. This price would be a new all-time high for ADA, up 190% from its September 2021 peak of $3.1.
Cardano’s previous bull run
Moreover, the $9 price target represents a significant 2,063% increase from Cardano’s current price of $0.4170. While this increase may seem overly ambitious, it’s worth noting that ADA has seen much larger rallies in the past.
For example, before the previous bullish trend formed, Cardano faced a downtrend, falling to a low of $0.0177 in March 2020. However, when buying pressure arose, ADA continued the market’s uptrend. reach $3.1 ATH in September 2021. This represents a whopping 17,414% growth in 17 months.
Notably, the projected 2063% gain is more than 8 times smaller than Cardano’s rise in the previous bull run. However, ADA may face more resistance during this bull market due to two factors.
The first factor is its larger circulating supply now, currently at 35.899 billion tokens. With the current circulating supply, a price of $9 would result in a market cap of $323 billion. Meanwhile, the second is the trend of altcoins being dispersed, identified by analyst Miles DeutscherThis trend is moving capital into other altcoins as the market becomes saturated.
Cardano Registers Similar Bullish Setup
Despite the potential headwind, Cardano’s monthly chart points to a pattern that could boost ADA’s chances of a rally. During the previous cycle, Cardano broke out of a 25-month symmetrical triangle when it jumped to $0.09 in June 2020. After months of retesting the upper trendline, ADA eventually jumped to $3.1.
Amid the rally that preceded the bull market, ADA initially jumped 167% from $0.25 in September 2023 to $0.64 in January 2024. This rally helped Cardano break out of a similar symmetrical triangle that had been in place since September 2021. Now, ADA is retesting the upper trendline, which is reminiscent of the previous bull market pattern.
Meanwhile, in addition to Cardano, Altcoin Daily is also predicting peaks for other assets. They expect Bitcoin (BTC) to reach $120,000, up only 79% from current prices. Additionally, they predict Ethereum (ETH) to surge 170% to $8,800. As for Solana (SOL) and XRP, Altcoin Daily has set targets at $720 and $5, respectively, marking gains of 306% and 733%.
