Here’s What Cardano Price Might Reach If ADA Replicates 2,805% Surge of 2022
If Cardano were to duplicate the impressive 2,805% surge it experienced in the early months of 2022, its price could potentially reach a significant double-digit value during the projected altcoin season.
The ongoing bull market has already been in effect for around six months, with Bitcoin surpassing its 2021 all-time high. Lower-ranked cryptocurrencies like Render and Injective are also going through a phase of price discovery, having broken their previous all-time highs.
Despite the ongoing bullish market, several altcoins such as Cardano have not yet reached their 2021 peaks. ADA, in particular, is trading at a significant 75.92% below its previous high of $4.10.
Nonetheless, market participants remain optimistic about ADA’s potential price surge once the altcoin season gains traction. Experts predict that the altcoin season will fully kick off this month following the upcoming Bitcoin halving event.
While there is still some debate about the extent of Cardano’s rally during this bull season, The Crypto Basic attempts to estimate the potential value of ADA based on historical data if it were to replicate the rally that pushed it to the 2021 high of $4.10.
Cardano’s Trajectory from 2021 to 2022
After experiencing a prolonged period of trading at a few cents following the rallies of 2017, Cardano regained momentum in late 2020. In 2020, ADA started the year at $0.03283 and remained relatively stable throughout most of the year.
However, in August 2020, ADA experienced a 338% rally, reaching a price of $0.14. By that time, the Bitcoin halving had already taken place in May 2020.
The price of ADA then dropped to $0.08 in September but rebounded steadily, surpassing the $1 threshold by February 2021. Cardano’s uptrend continued until May 2021, when it reached $2.3 for the first time. After a bearish phase lasting nearly three months, ADA resumed its bullish momentum and eventually reached $4.10 by March 2022.
During this period, from the low of $0.08 in September 2021 to the peak of $4.10 in March 2022, Cardano surged by an impressive 2,805%.
ADA Replicating History
Currently, Cardano is trading at $1.87. If ADA were to replicate a similar 2,805% price surge over the next year, it could potentially rise by almost 28-fold, placing its price above $50.
Renowned market analyst Ali Martinez has suggested that Cardano’s current pattern resembles the one it exhibited in late 2020. Consequently, he has projected a peak price of $14 for ADA in this cycle.
In subsequent updates, Martinez revised his projection for ADA to $18, which he believes could potentially be reached by January 2025. Other market watchers, including Cardano bull Dan Gambardello, have also argued the possibility of ADA reaching a price of $25.
As with any market prediction, it is essential to approach these estimates with caution and consider the inherent volatility and unpredictability of the cryptocurrency market.