Cardano's ADA (CRYPTO:ADA) surged by approximately 180% last month, briefly reaching $1.12 on November 23, the highest level in over two years.
However, the token has since pulled back to $0.88 amid a broader market correction.
Despite this decline, analysts remain optimistic about ADA’s long-term prospects, with some forecasting new peaks in the near future.
Analyst Mihir pointed out a “double bottom” pattern on the one-hour chart, suggesting ADA could bounce back above $1.20.
Similarly, analyst Sssebi commented that such retreats are "good for ADA after such bullish momentum" and expressed plans to buy more tokens if the price dips to $0.80.
Crypto content creator Jake Gagain took an even more bullish stance, predicting ADA could reach a new all-time high of $5 during this cycle.
Dan Gambardello, another industry expert, referenced ADA’s previous peak of $3 during the 2021 bull run, noting that the token has evolved significantly since then.
He emphasised Cardano’s potential to become a global financial and electoral operating system, aligning with Charles Hoskinson’s recent remarks about working with the Trump administration to develop favorable crypto regulations in 2025.
Hoskinson’s statement had previously ignited ADA’s rally.
On-chain data from IntoTheBlock highlights increased network activity as a positive indicator for ADA’s price.
Daily active addresses on the Cardano blockchain reached their highest level since June 2023 on November 25.
This surge suggests heightened user engagement, including transactions, smart contract deployment, and interaction with decentralised applications.
At the time of reporting, the Cardano (ADA) price was $0.9539.