Cardano ADA is suffering from a correction phase this month. Whales are selling off their holdings as the asset continues its recent dip. Approximately 180 million ADA tokens have been sold recently, with the sell-off indicating a lack of confidence in the token. In the past week alone, ADA is down 15.11%, despite an overall 7% climb in the last 30 days. Could Cardano’s native cryptocurrency still reach $2 by the start of February?
Many anticipated the cryptocurrency market to rally after Donald Trump’s inauguration on Jan. 20, 2025. Despite the high hopes, the market did not react much. Many assets instead faced a correction, as explicit regulations for cryptocurrency weren’t announced right away. Despite the announcement of a US digital asset stockpile, Cardano is struggling to hit the $1.15 mark it hit last week. Previously, price predictions for ADA had the altcoin possibly hitting $2 by February. Now, those predictions have been adjusted negatively.
Fortunately, ADA is still expected to at least trade above $1 by the start of February, after struggling to breach it on multiple instances in the last week. The Cardano token is forecast to reach $1.00792 by January 29, according to CoinCodex. February will be the spark month for ADA ahead of altcoin season, with the latter weeks of the month bringing a rally to $2. Specifically, CoinCodex eyes February 20 as the day ADA breaches $2, meaning an ROI of 111% from current prices.
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How Will Cardano ADA Perform Beyond February?
Beyond that date, CoinCodex predicts the asset will hit $2.61 on April 15, 2025. Hitting $2.61 from current price levels will entail a rally of about 169%. ADA has not traded above $2 since November 2021, more than three years ago. Contrary to CoinCodex, Changelly presents a bearish outlook for Cardano (ADA).
Indeed, Changelly anticipates the asset will dip over the next few months. According to the platform, ADA could hit an average price of $1.46 in April 2025. Reaching $1.46 from current price levels will translate to a rally of about 50.52%. Although Changelly’s prediction is higher than current prices, it is still short of the $2 mark.
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The cryptocurrency market may face another correction over the next few weeks. The Federal Reserve’s hawkish monetary policy could present a significant barrier to ADA and other assets. However, if the market begins a surge in the next couple of weeks leading to altcoin season, ADA’s climb to $2 could begin sooner.