Crypto analyst Ali Martinez has provided a bullish outlook for the Cardano price. The analyst predicted that ADA could rebound to $1 following a potential price breakout.
Cardano Price Could Rebound To $1 As Bull Pennant Appears
In an X post, Ali Martinez stated that the Cardano price could break out from a bull pennant on lower time frames, signaling a potential surge to $1. This is a price level that ADA corrected from the marketwide sell-off, which began earlier this week.
The analyst had previously revealed how Whales sold over 70 million coins between January 6 and 8, which put significant selling pressure on the ADA price. However, based on Martinez’s recent analysis, Cardano could soon witness a bullish reversal.
Crypto analyst Sebastian also predicted that a rebound may be imminent for the Cardano price. The analyst revealed a possible inverse head-and-shoulder that was forming on the hourly ADA chart.
The crypto analyst also noted that the Bitcoin price is bouncing nicely, and ADA is following. He added that the pump after this dip would be epic and that the dip would be forgotten in a week from now.
ADA Holders Are On The Rise
In an X post, on-chain analytics platform Santiment revealed that ADA holders are on the rise, which provides a bullish outlook for the Cardano price. According to the platform, the number of Cardano wallets has increased by 2,800. This represents a 0.1% increase in holders since the start of 2025.
Santiment noted that if wallets are rising fast, the community is confident in the project for the long term. A recent ADA technical analysis showed that the Cardano price boasts more bullish than bearish indicators, which explains why investors could be bullish on the coin for the long term.
However, in the short term, ADA and the broader crypto market are undoubtedly still at risk of a significant price correction, especially following the release of the nonfarm payrolls report, which reduced optimism of a Fed rate cut in the first half of this year.
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