Crypto analyst Ali Martinez has set a bullish outlook for Cardano (ADA), predicting that the altcoin could soon surge back to $1. According to Martinez’s recent analysis, ADA is forming a bull pennant on lower time frames, signaling a potential breakout that could propel its price toward the $1 mark.
#Cardano $ADA could break out from a bull pennant on lower time frames, signaling a possible surge to $1!
— Ali (@ali_charts) January 10, 2025
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Martinez highlighted that Cardano had faced a significant price correction following the marketwide sell-off earlier this week. Whales were reported to have sold over 70 million ADA coins between January 6 and 8, creating substantial downward pressure on the coin’s price. However, despite this, the analyst remains optimistic, suggesting that ADA is poised for a reversal as the bull pennant pattern emerges.
Supporting Martinez’s outlook, fellow crypto analyst Sebastian also sees a potential rebound for Cardano. Sebastian pointed out the formation of an inverse head-and-shoulders pattern on ADA’s hourly chart, further reinforcing the possibility of an imminent price recovery. Additionally, with Bitcoin showing positive price movements, ADA is expected to follow suit, leading to a “massive pump” in the near future.
On-chain analytics platform Santiment has also revealed promising data for ADA. The platform reported an increase of 2,800 ADA holders since the beginning of 2025, reflecting growing investor confidence in the Cardano ecosystem. The rising number of wallets indicates that the Cardano community remains bullish on the project’s long-term prospects.
Despite these positive signals, it’s important to note that Cardano, along with the broader cryptocurrency market, remains vulnerable to potential price corrections. The release of the nonfarm payrolls report, which dampened hopes for a Federal Reserve rate cut, has added some uncertainty to the market in the short term. However, with bullish technical indicators and an expanding holder base, Cardano’s future prospects look promising.
Also Read: Cardano Price Struggles Below $1: Critical Support Zones at $0.77 and $0.68 Could Trigger Next Move
As ADA holders grow in number and key technical patterns indicate a potential rebound, Cardano’s $1 target is now a focal point for investors.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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