A recent technical analysis released by renowned cryptocurrency analyst Ali Martinez on X (formerly Twitter) suggests that the Cardano (ADA) could be about to experience a significant rally, with the price potentially reaching an impressive $2.
Martinez’s analysis is based on the formation of a right-angled descending wedge on the ADA chart. Confirmation of this chart formation could propel ADA to a new price level, with an initial target of $2. This move would represent a significant gain for investors who closely follow Cardano’s development.
“A daily close above $1.15 will confirm this right-angled descending wedge, pushing Cardano $ADA towards $2!” highlighted the analyst.
At the time of publication, Cardano’s price was trading at $0.7028, up 4.4% in the last 24 hours. The recent drop has seen the asset lose 2.3% this week.
A potential ADA rally to $2 could have a significant impact on the cryptocurrency market, boosting investor confidence and attracting new entrants to the Cardano ecosystem. The price target would bring ADA closer to its all-time high. Cardano (ADA) has reached an all-time high of $3.09.
It is worth remembering that, recently, Cardano whales, purchased around 130 million ADA tokens, taking advantage of the recent market consolidation. This movement, which totals more than $94 million in transactions, was highlighted by analyst Ali Martinez, generating speculation about a possible breakout in the price of ADA.
Cardano, known for its scientific approach and focus on scalability and sustainability, has attracted the attention of both institutional and retail investors. The Cardano network has stood out for developing innovative solutions for smart contracts and decentralized applications (dApps).