Although it had been performing well throughout the early weeks of the new year, Cardano (ADA) had fallen below the $1 mark Friday. That drove some concern throughout the cryptocurrency market. However, there are analysts who believe the token could have a 110% recovery in store.
A big reason for the drop in price for Cardano was the surprising whale activity. Indeed, large-scale cardano holders had sold 180 million ADA tokens over the course of the week, according to data shared on X (formerly Twitter) by crypto analyst Ali Martinez. However, that may not be enough to slow down a monumental year on the horizon for the asset.
Whales have sold more than 180 million #Cardano $ADA over the past week! pic.twitter.com/IMdo12bcgE
— Ali (@ali_charts) January 24, 2025
Also Read: Cardano ADA Gets Big Bet From $50B Asset Manager Grayscale
Cardano Drops Below $1 as January End Approaches: Here’s When the Turnaround Could Come
2025 was always poised to be one of the most important years in the history of the cryptocurrency sector. Indeed, it would see Donald Trump return to the White House and embrace the presidential seat once again. However, this time he was bringing with him a pro-crypto attitude.
That has already played out in hits first week, with a massive revamp coming to crypto policy. Although it will certainly end up helping a host of cryptocurrencies, some have not responded with price surges quite yet. Among them is Cardano, who has ended the week below the $1 mark as traders expressed concern for ADA.
Also Read: Cardano & Ripple to Partner? ADA Eyes RLUSD Integration
As of Friday, the cryptocurrency had fallen more than 11.6% over the last seven days, according to CoinMarketCap. Yet, that didn’t take away from these month-long gains, as they had increased more than 8.9% over the prior 30 days. Still, it had dropped to the $0.99 mark for much of the week’s final day.
That should be poised to change rather soon, however. Indeed, cryptocurrency price prediction platform CoinCodex has forecasted a change of fortune awaiting the asset. Specifically, they project ADA to end January with a monthly high of $2.11, a 112% increase over its current price point.
They also expect that to set off a continued bull run for Cardano. Throughout February and March, they project a maximum price of $2.49 and $2.63, respectively. Additionally, they project it to exceed $3 in April and reach a yearly high of $4.86 in August. Altogether, this ensures that it should excel beginning in the final week of January.