Cardano (ADA) has been one of the altcoins that delighted its investors in the past periods and kept up with the incredible surge in 2021. Since then, ADA has been trading in one of the longest consolidation phases, similar to the consolidation period from 2018 to 2020.
Renowned cryptocurrency analyst Ali Martinez, with thousands of followers, made a statement on October 12. Martinez, emphasizing the ongoing consolidation, points out two possible outcomes for Cardano’s future:
If history repeats itself, ADA may remain in this consolidation phase until July 2024. However, unless there are unpredictable events like the COVID-19 crash, ADA could explode in a short period of time, such as December!
In particular, the 2018-2020 consolidation period in Cardano lasted 95 weeks with a total volume of 88.218 billion ADA coins. However, when examining the current market movement, it is still in its 62nd week with a volume of 5.025 billion coins, which is one-third lower than the period of the previous cycle and 17 times lower volumetrically.
Nevertheless, according to Martinez, unless an unpredictable event like COVID-19 occurs, he believes that ADA can break out of the consolidation range by achieving a new peak similar to what it has accomplished in the past.
At the time of writing, Cardano (ADA) was trading at $0.2429 with a 2.06% decrease. This decline deepened after the announcement of the CPI data in the US. When looking at the mentioned consolidation phase, ADA traded as high as $0.45 during this period and was at the lower spectrum of the range. Finally, when examined annually, the ADA price has lost nearly 37% compared to the previous year’s price of $0.38.
Considering all the situations related to Cardano (ADA), the indicators may indicate solid foundations and potential for breaking out of the current consolidation range. In addition, a positive development occurred in the Cardano community in September. The network attracted attention by surpassing all cryptocurrency projects in terms of developer activities.