Cardano (ADA) is attracting renewed bullish attention because its current price structure resembles the setup that preceded its explosive rally in 2020.
According to Javon Marks’ analysis, ADA continues to extend higher after establishing a significant post-breakout base, drawing comparisons to its previous bullish cycle. As a result, the developing structure resembles the pattern Cardano formed in 2020 before embarking on a powerful rally.
The market analyst maintains a price target of $2.90, which he says would represent a gain of more than 960% from the price level referenced in his analysis.
Well, if this sees the light of day, it would make Cardano a notable recovery candidate in the crypto scene.
Another analyst, Jordan, recently outlined an even more ambitious comeback scenario, suggesting Cardano could eventually reclaim its all-time high of approximately $3.10 with the current price standing at $0.2516 per CoinGecko data.
Cardano’s On-Chain Activity Shows Fresh Momentum
On-chain activity on the Cardano network provides another reason for optimism. Santiment Intelligence reported that ADA’s daily active addresses climbed to about 27,500 on October 7 and 27,200 on October 8, roughly 1.7 times the average weekday level recorded in September, suggesting stronger user engagement.
Source: Santiment Intelligence
Although Cardano’s on-chain activity remains below the late-August peak, the latest readings suggest network participation is recovering.
Meanwhile, Cardano’s ambitions to develop a .ada internet domain are adding another dimension to its ecosystem strategy, with reports of whale activity reaching a four-month high also drawing attention.