Prominent cryptocurrency analyst Ali Martinez recently pointed out that Cardano ($ADA) has been experiencing a consolidation pattern that bears a striking resemblance to its consolidation phase from 2018 to 2020. This similarity suggests the potential for the cryptocurrency to surge to $6 in the future.
According to Martinez, if historical patterns repeat, ADA, the native token of the smart contract platform, might remain in this consolidation phase until July 2024. However, barring any unexpected disruptive events (referred to as “black swan” events), he believes ADA could break out as early as December.
In a chart shared on the microblogging platform X (formerly Twitter), Martinez indicated that ADA could surpass the $0.50 threshold before the end of the year, a development that, in his view, could set the stage for a further ascent beyond the $6 level by the conclusion of 2024. Currently, ADA is trading at approximately $0.24 per token.
As previously reported by CryptoGlobe, blockchain analytics firm Santiment has once again placed Cardano at the forefront of development activity among prominent cryptocurrency projects. The company disclosed that Cardano recorded a notable 611.47 substantial GitHub commits in the past month, surpassing all other blockchain initiatives in this category.
Earlier, Cardano had been surpassed by Polkadot (DOT) and its associated canary test network, Kusama (KSM). However, the latest statistics indicate that Polkadot and KSM have jointly accumulated 500.67 GitHub commits during the same 30-day period, now sharing the second position in the development activity rankings.
In an additional analysis, Martinez examined Ethereum ($ETH), the foremost smart contract platform that competes with Cardano. He utilized a tool known as the Tom DeMark (TD) Sequential indicator to identify potential trends in price changes, suggesting a signal that Ethereum could rebound to $1,630.
Nevertheless, the analyst noted that if Ethereum’s price were to dip below $1,530, the optimistic scenario might lose its footing. Presently, Ethereum is trading at $1,580, a value in close proximity to the pivotal threshold highlighted by Martinez.