Cardano (ADA) Poised for 24% Breakout, Analysts Predict Rally to $10

Cardano (ADA) is currently positioned for a potential rally toward $10, according to a recent analysis by crypto analyst Ali Martinez. The asset's trajectory hinges on its ability to maintain key support levels and break through resistance. Martinez's analysis indicates that ADA must hold above $0.80 while overcoming the $1.20 resistance to confirm an upward trend.

Martinez's chart analysis, shared on X, highlights a historical comparison of ADA’s previous market cycles. The projection suggests a price increase of over 1,960%, aligning with past patterns that saw ADA surge dramatically following consolidation phases. This historical data supports the bullish sentiment surrounding Cardano, as the asset has followed a cyclical pattern in previous bull runs.

In 2020 and early 2021, ADA experienced a prolonged accumulation phase lasting 41 weeks before breaking its all-time high of $3.1 in September 2021. Martinez has observed a similar setup in the current market, with ADA repeating the 2020/21 pattern. The analyst also spotted a symmetrical triangle, which, combined with other positive technical indicators, has bolstered the bullish sentiment surrounding Cardano.

Martinez’s chart shows that the asset is near the end of its 41-week consolidation period. If ADA can sustain a hold above $0.80, it could experience a parabolic rise. Martinez recently shared an analysis of ADA’s price, suggesting the asset could experience a notable 24% breakout if it can overcome $0.83. This resistance level has held the asset down for some time, and it is currently trading at $0.73, after a drop of almost 9% from yesterday.

If the asset can break above this level, the subsequent push may send it above $1, setting the stage for a run toward $1.2. A move past $1.20 would open the door for a significant rally, potentially hitting double digits as Martinez predicts. Veteran trader Peter Brandt has also weighed in on ADA’s potential, stating that Cardano has likely bottomed and is preparing for a grand bull market. Brandt sees the current price action as a strong foundation for future growth and suggests it could kick off the alt season.

Cardano is at a critical juncture, with analysts closely