While Cardano (ADA) has dropped 21% over the past week, some analysts are issuing bold timelines for when ADA could reach $3.Today, Cardano witnessed a significant decline in its market value, falling sharply from $1.30 last week to a low of $0.911 before rebounding slightly. As of writing, ADA is priced at $0.9967, reflecting a 12.36% drop in the past 24 hours and a 21.11% decline over the past seven days.This downturn has sparked differing opinions among analysts concerning ADA's future price direction and market sentiment.Cardano Could Rally to $3 Anytime SoonProminent Cardano bull Dan Gambardello predicts a significant surge in ADAs price, suggesting it could climb to $2 sooner than most people anticipate.Additionally, Gambardello's analysis suggests that ADA could "realistically" hit $3 as early as January 10, 2025, just four weeks away. The foundation of this bold forecast is the historical trend of ADA seeing a massive pump from Q4 2020 into Q1 2021.However, he offered a more cautious timeline, noting that January 24 might be a more realistic target for ADA to reach $3, as he tends to be slightly early in his predictions.While this outlook reflects optimism for Cardano, the challenges of the current bearish market remain.Cardano bullCardano prediction by Dan GambardelloShort-term Pressure on ADA Bull RunIn contrast, analyst Ali Martinez focused on ADAs immediate hurdles to regain bullish momentum. His analysis identifies a critical support level near $1.20, where approximately 93,000 addresses collectively hold 2.54 billion ADA. This level represents a vital zone for price stability. Martinez cautions that a failure to hold above $1.20 could result in a deeper decline below $1. His chart notes that bearish sentiment persists, with 64.68% of ADA holders currently facing unrealized losses. This may lead to additional selling pressure during any price rebound.Meanwhile, a demand zone between $0.98 and $1.02, involving 41,720 addresses holding 1.03 billion ADA, offers a potential safety net amid further declines.On-Chain Data Highlights Bearish TrendsOn-chain metrics further reflect a cooling momentum for Cardano, with significant declines across key activity indicators. Data from IntoTheBlock reveals that new address creation has dropped by 44.90% over the past week. Cardano Address Activity, IntoTheBlockAdditionally, active addresses have decreased by 38.66%, indicating lower transactional activity on the network. Another metric of interest is the reduction in zero-balance addresses, which has fallen by 46.15% during the same period.
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