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.

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.”

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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.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.