Is Cardano likely to explode to $8? Historical data reveals

Cardano is among the altcoins riding on the current bullish crypto wave that has been ignited by factors such as the greenlighting of the spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).

As a result, top market analyst Ali Martinez believes that Cardano might be laying the grounds for a breakout based on historical patterns.

He acknowledged, “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.”

Cardano experienced a significant bull run between November 2020 and August 2021 since it skyrocketed by over 3,200% and hit the $3 price level.

Therefore, Martinez speculates that if Cardano goes down this historical route, the ninth-largest cryptocurrency based on market value will scale heights and reach $8 after recording a surge of at least 1,700%.

Time will tell how Cardano plays out in the short and long term, given that promising developments like the Indigo V2 upgrade meant to boost the network’s synthetic assets ecosystem are on the horizon. Cardano was up by 24.41% in the past month to hit $0.58 at the time of writing.