Here’s How Cardano’s ADA Can Rocket to $2

Cardano (ADA) is trading near $0.81 at press time, with a daily volume of $1.4 billion. It has slipped slightly in the past 24 hours and is down about 5% over the past week.

Consequently, traders are watching a chart pattern that may set up a larger move. If the price pulls back, $0.69 is being marked as a possible buy zone.

Triangle Pattern Signals Potential Move

Crypto analyst Ali Martinez shared a 12-hour chart showing ADA compressing inside a symmetrical triangle. The formation began in late 2024 and is approaching a point where a clear move is likely. Martinez pointed to $0.69 as a possible support level, also aligned with the 62% Fibonacci retracement zone.

Interestingly, upside predictions are illustrated in the chart as $1.28, $1.58, and $1.86, with each amount being equal to Fibonacci extensions. The formation is indicative of a gradual rise in trading, and the construction is supporting the idea of further levels if the support is maintained.

Key Levels in Focus as Price Compresses

Jonathan Carter also posted a daily chart showing ADA forming higher lows and lower highs, creating a symmetrical triangle. He noted that the 50-day moving average (MA 50) is acting as resistance. The price is hovering just below this level, near $0.80. A break above could open room toward $0.96, $1.15, and $1.50.

Carter highlighted consistency in price movements close to $0.76 as a confirmation that the trendline is still valid. His recommendation was to wait for a closing above the MA 50 before considering the possibility of upward movement. The RSI is still among the neutral levels, indicating there is space for both ways, based on momentum and volume.

Market Sentiment and Wallet Activity

Data from CoinGlass shows ADA’s long-to-short ratio at 0.93. The figure suggests short positions still outnumber longs, showing a cautious stance among traders on futures platforms.

Meanwhile, ADA Orca, a core developer in the Cardano ecosystem, flagged a drop in active wallets. They posted that unique wallets have fallen to about 1,000 from over 8,000 in late 2024. “Most heartbreaking Cardano chart of all,” they wrote, referring to a visible drop in network participation.

In technical development, the team behind Cardano introduced the Hydra Node version 1.0.0. This upgrade signifies the transition from testing to complete readiness for the Layer-2 protocol. Scalability and performance of the network are the main advantages the Hydra solution offers, which will be particularly useful as the activity on the network increases over time.

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