Expert Compares Cardano’s Trajectory To Solana’s (SOL): Could ADA See a 300-400% Price Increase? Key Metrics to Watch
Cardano (ADA) has experienced a significant price movement lately, with analysts predicting a bullish recovery for the blockchain platform. XForceGlobal, a crypto analyst, shared insights on ADA’s potential price trajectory, drawing parallels with Solana’s (SOL) price action. Meanwhile, altFINs, a top crypto analysis firm, has identified key support and resistance levels for Cardano, suggesting a potential buying opportunity.
What you'll learn 👉
Echoes of Solana’s Rally
According to XForceGlobal, Cardano’s price correction resembles Solana’s “WXY move down,” a pattern often seen before a significant uptrend. The analyst notes that while the current downward move appears impulsive, it could be interpreted as a “cycle wave 2” if the bullish trend persists. XForceGlobal suggests a conservative upside target of 300-400% for a potential “cycle wave 3.”
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +Buying Opportunity Near
altFINs’ analysis highlights Cardano’s overall uptrend, despite a bearish momentum lately. The firm recommends buying near the $0.57 support level, which could present a swing trade entry opportunity with a potential 15% upside towards the $0.65-$0.68 resistance zone.
Source: altFINS – Start using it today
Key Observations:
- Trend: Downtrend in the short term, uptrend in medium and long term.
- Momentum: Bearish but showing signs of bottoming out, as indicated by rising MACD histogram bars.
- Support and Resistance: Nearest support at $0.57, resistance at $0.65-$0.68 and $0.80.
Current Price Action
According to CoinGecko data, the price of Cardano (ADA) is $0.6634, with a 24-hour trading volume of $557,977,249.81. This represents a 5.43% price increase in the last 24 hours and a 2.38% increase over the past 7 days.
You may also be interested in:
- Is the Solana Era Ending? Elite Analyst Bets on Coinbase’s Layer 2 Ecosystem – Here’s His Outlook
- Stacks (STX) Price Eyes $4 Following 30% Pump While The Graph (GRT) Consolidates – Here’s Why
- The 2024 Launchpad Token Outlook: Bull Run Investment Strategy
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
