With positive public sentiment flooding the crypto market after Bitcoin broke through the all-time high (ATH) price of $69,000, Cardano (ADA) is trying to ride this wave by mimicking its last "bull run.
On X, formerly Twitter, leading market analyst Ali Martinez pointed out that if this historical pattern saw the light of day, ADA could rise to the $10 price level.
Martinez noted:
Cardano reached $3 during the last cycle after rising more than 3,200%. Therefore, Martinez believes that if ADA follows in this footsteps, the $10 price threshold is on the horizon, as the eighth largest cryptocurrency will have risen by more than 2,000% by then.
As Cardano has broken out of a cup & handle formation that surfaced in June 2022, it is likely that ADA will break through the $3 price level this cycle.
Cardano experiences increased network activity
Based on CoinGecko data, Cardano has already recorded a monthly increase of 47.5%, and increased network activity has played a major role in this upward trend.
ADA is showing strong network engagement and increased investor interest due to rising transaction volume and active daily addresses.
Cardano was hovering around the $0.7 level at the time of writing, according to CoinGecko.
Top crypto analyst Dan Garmbadello recently concurred with Martinez's view that Cardano was facing a parabolic move because it had broken out of a large structure.