An analyst projects a bullish development for Cardano, stating that it will mirror the price actions of XRP in 2024 and Solana in 2023.
Cardano trends over 70% below its all-time high of $3.10 in 2021, as the token struggles to replicate the momentum seen in the previous cycle. Yet, for analyst “Timofei,” ADA has massive prospects.
He shared in his TradingView analysis on Sunday that Cardano is a very strong asset, worthy of keeping tabs on. Timofei believes that the 10th largest cryptocurrency by market cap would record massive growth similar to that seen by XRP in 2024 and Solana in 2023.
Meanwhile, Solana had a similar run in 2023, but with even more impressive numbers. Following the FTX implosion in November 2022, which caused a 94% correction for Solana, the cryptocurrency experienced a remarkable resurgence in 2023.
SOL rallied from nearly $10 to $101 in 2023, representing a 919% increase that year alone. The token has since recovered the ground lost due to the FTX fallout, signaling ecosystem strength.
Timofei believes that Cardano has the kind of strength seen from XRP in 2024 and Solana in 2023. Hence, he projects a similar outcome, identifying the subsequent price development for ADA in the weekly chart.
ADA Bottom Before a Massive Rally to Multi-Year Levels
Notably, the analyst’s commentary highlighted Cardano’s trend within an expanding symmetrical triangle on the 1W chart. Specifically, ADA entered this trend during the bear market in January 2023 and has continued to expand, filling in the gaps within the structure.
After the rejection at the wedge’s upper resistance trendline at $1.32 in December 2024, Cardano has been consolidating around the triangle’s midpoint. The market watcher now expects the token to retest the lower support level of the structure, which he believes will mark the bottom for Cardano.
Upon a successful retest, he predicts that Cardano would rebound from the level to higher prices. His chart indicates a potential breakout from the channel, targeting levels last seen in 2021. Specifically, he expects ADA to rally close to the $3 price level, marking a 254% growth from its current market price of $0.8476.
