   
Cardano (ADA) continues to face difficult times since March, marked by a sustained downtrend exacerbated by the broader cryptocurrency market downturn.
Despite a brief attempt at gains in mid-July, ADA’s momentum has been hampered by the recent market downturn, with Bitcoin shedding roughly $500 billion of the global crypto market capitalization in the past 30 days. However, some analysts are bullish on Cardano’s future, citing historical data that suggests the cryptocurrency is on the brink of a major upswing.
Prominent cryptocurrency analyst Javon Marks recently predicted that ADA could surpass $5. In a tweet, he emphasized that the cryptocurrency’s current price levels suggest an upside potential of over 732%, and that he has a short-term price target of $2.77.
Notably, Marks’ analysis is based on the observation that ADA has stabilized after breaking through key resistance levels. He noted that the cryptocurrency is exhibiting hidden bullish divergences, suggesting that the recent decline may be temporary. Marks further noted that if Cardano follows historical trends, it could see a staggering growth of 1,400% to 2,200%, sending the price to $5.30 or even $7.82.
Meanwhile, in a post on popular charting platform Tradingview, analyst “VanguardCobra” pointed out technical indicators that could support an imminent price rally. In particular, the expert’s analysis highlights that ADA is at the bottom of a “megaphone” pattern and within an ascending wedge formation. An expected breakout from this pattern and a positive divergence in the MACD indicator could signal a possible rise to $1.20.
 
However, despite these optimistic predictions, several experts have warned that ADA may continue to fall until it reaches the long-term support level of $0.24, at which point they expect a significant bull run to unfold.
These predictions come as Cardano prepares for its long-awaited “Chan” hard fork. According to CardanoFeed on X, 79% of network nodes, including stake pool operators (SPOs), have indicated they are ready for the upgrade. The Cardano community is currently eagerly watching its implementation in August. The Chan hard fork is expected to strengthen decentralization and significantly increase coordination of the network. Additionally, it will introduce a new governance system and a massive ADA treasury with 1 billion tokens.
Additionally, Cardano’s development activity remains strong, as evidenced by its high ranking on Santiment’s development activity chart. This strong innovation and upcoming hard fork is likely to be a further catalyst for ADA price movement in the near future.
According to CoinMarketCap, ADA was trading at $0.3348 at press time, having surged 1.51% in the past 24 hours.
