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Crypto analyst Ali Martinez presented an optimistic price outlook for Cardano 
$0.632591. He predicted that after a potential price breakout, ADA could return to $1.
Cardano Price May Be Heading Towards $1 with Bull Pennant Formation
Martinez noted that Cardano’s price could experience a breakout from a bull pennant on lower timeframes. This breakout signals a recovery for ADA from the overall market sell-off that began earlier this week.
“Cardano’s price could see a significant increase towards $1 by breaking the bull pennant formation.”
Analyst Sebastian also predicted a potential recovery in Cardano’s price. He highlighted the formation of an inverse head and shoulders pattern on the hourly ADA chart.
Increase in ADA Holders Reflects Long-Term Confidence
The on-chain analysis platform Santiment reported a rise in ADA holders. According to the platform, the number of Cardano wallets increased by 2,800, reflecting a 0.1% rise. This increase indicates the community’s long-term confidence in the project.
However, in the short term, both ADA and the broader crypto market face risks of significant price corrections due to the upcoming nonfarm payroll report and reduced expectations for Fed interest rate cuts.
Observations show Bitcoin 
$104,325 is recovering well, with ADA closely following this trend. Analysts believe that the anticipated increase following this dip could be impressive, with the low points quickly forgotten within a week.
Despite short-term fluctuations, Cardano is expected to perform strongly in the long run. Both traders and ADA holders continue to closely monitor market movements.
The recent rise in wallet numbers and positive technical indicators support Cardano’s potential for the future. However, investment decisions should also consider global economic factors and overall market trends.
