Cardano (ADA) is on the verge of a major price increase, according to analyst Dan Gambardello

Well-known crypto analyst Dan Gambardello predicts a significant price increase for Cardano (ADA). Although the digital currency has not met expectations recently, Gambardello announced via a video on the social media platform X that Cardano will surprise this year.

Repeat of the previous bull run

Gambardello is basing his optimism on the 2020 bull run, which saw ADA experience a similar price increase. In October 2020, the token was still trading at $0.09, but within months the price rose to an all-time high (ATH) of $3.10 in September 2021. For early investors, this rally resulted in an impressive return of 3,340% .

In his latest analysis, Gambardello states that the current consolidation phase has many similarities with the period following the Bitcoin (BTC) halving in 2020. He emphasizes that this phase could end abruptly within a few months, just as it did then. This would give altcoins like Cardano a chance to make a strong recovery.

Cardano stronger than ever

Furthermore, the analyst notes that Cardano has improved significantly since the last cycle. According to him, innovations such as the Hydra scalability solution and increased network security make Cardano much more robust. In addition, with the completion of the Voltaire era, the project is fully owned by the community, which Gambardello says is an important development.

ADA price expectations

Gambardello predicts that Cardano’s price could rise above $1 by the end of 2024, an increase of more than 190% from the current price. Longer term, he estimates even more optimistic price targets ranging from $5 to $10. This would not only allow the token to easily surpass its previous record, but its total growth could even reach more than 2,800%.