The price of Cardano has experienced an impressive surge in recent days, breaking out from a period of consolidation below the $0.60 mark. Prior to this uptrend, the altcoin was largely stagnant within the $0.50 to $0.60 range. Analysts suggest that Cardano is just at the start of what could be a significant rally in the coming months.
On July 11, Joao Wedson, founder and CEO of Alphractal, shared an optimistic forecast for Cardano's price trajectory on the social media platform X. He projected a potential market peak for the ADA token at $4.90 in the next bullish phase, a prediction supported by an ongoing ascending channel pattern evident on the daily price chart.
An ascending channel in technical analysis consists of two upward trendlines: one acting as resistance and the other as support. This pattern typically indicates a prolonged bullish trend, with prices fluctuating within the channel. Traders frequently utilize this formation to determine optimal buying and selling points, as prices tend to bounce between the upper and lower boundaries.
Since the first half of 2019, Cardano's price has been trading within this ascending channel. After reaching the lower trendline earlier this year, ADA found support and rebounded above the $1 level in the first quarter of 2025. However, like many cryptocurrencies, it faced a significant downturn in late June, returning to the lower trendline. Recently, the token's price has shown signs of recovery.
Wedson emphasized that the current price movement may represent more than just a recovery; he believes the altcoin could surpass its all-time high of $3.09 during this phase. The analyst suggests that by late October or early November 2025, the ADA token could be trading well above the $3 threshold. He also noted that this moment might present a prime buying opportunity for investors, as Cardano is still in a distribution phase.
As of now, ADA's price is approximately $0.7124, reflecting a nearly 6% increase in the last 24 hours. This positive daily performance highlights the overall bullish sentiment surrounding the altcoin in recent days. Data from CoinGecko indicates that ADA has risen by about 30% over the past week.
