The price action of Cardano (ADA) over the past week is a story of two halves, with the token notching a new multi-month high early in the week only to crash by over 18% a few days afterward.

This recent decline in ADA price reflects a broader bearish climate in the cryptocurrency market.

Interestingly, a renowned crypto analyst on the X platform has put forward an exciting projection for the price of Cardano over the coming months. This latest price analysis suggests that this latest price downturn will be short-lived, with a bullish future on the horizon.

Analyst Predicts Cardano Price To Surge By 670%

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Popular crypto analyst Ali Martinez took to X to share his latest prognosis on the price of the Cardano token. According to the expert, the cryptocurrency’s current price action seems to be mirroring a pattern from 2018 to 2021.

From the highlighted weekly chart, the ADA price only recently broke out of a consolidation zone, which looks like a replica of the 2018 – 2020 consolidation range. Having retested the upper boundary of the range, the token looks set for a price upswing.

However, Martinez expects the Cardano price to move horizontally between $0.55 and $0.80 over the coming weeks. This period of sluggish activity will then be followed by a rapid price upswing to $1.70, according to the analyst.

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In his post, Martinez mentioned the possibility of a period of further price consolidation after the over 160% surge to $1.70. This is expected to “set the stage for a breakout to $5” for the Cardano price