Cardano (ADA), a potential rival to Ethereum (ETH), may experience a massive surge of over 190%, according to a well-known crypto trader. On-chain analyst Ali Martinez, who has a substantial following of 57,500 on X, highlighted that ADA’s price movement resembles a pattern observed between 2018 and 2021. Martinez predicts that ADA will consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, there may be a period of consolidation, setting the stage for a breakout to $5.

Martinez recently updated his prediction, stating that ADA is currently in the right position for a potential breakout to $1.70. As of now, ADA is trading at $0.582, experiencing a decline of nearly 4% in the past 24 hours and almost 25% in the past month.

In addition to Cardano, Martinez also commented on Bitcoin’s address metrics, which suggest that the price of the top crypto asset may increase. By comparing the number of addresses holding BTC within certain price ranges, Martinez believes that the odds favor the Bitcoin bulls.

Bitcoin is currently trading at $69,678, showing a 6% increase in the past week but a 4% decrease in the past month.

To stay updated with the latest news, readers can subscribe to email alerts or follow The Daily Hodl on Twitter, Facebook, and Telegram.

Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.