Cardano (ADA) began the second week of April under intense market pressure, retracing its price to levels not seen since February 2021. The decline has reignited debates about its long-term performance and cast doubt on assumptions that previous highs will naturally return.
ADA Retraces Over Four Years of Growth
On April 7, Cardano’s price dipped below $0.52, marking one of its steepest drops in recent weeks. Although the token rebounded to nearly $0.61 on April 8, the relief was short-lived. By April 9, ADA settled at approximately $0.5694, reflecting a 2.6% drop in 24 hours, a 15.4% decline over 7 days, and a 25.9% loss over two weeks.
These losses pushed ADA back to a price zone it last occupied over 1,500 days ago. Analyst Jesse Olson shared a chart on X highlighting how ADA has returned to its February 2021 price range, effectively placing long-term holders from that time at break-even.
Olson emphasized that while ADA has seen explosive rallies, such as in 2021 and late 2023, it has failed to achieve a new all-time high in the current cycle. He cautioned investors not to assume that holding through multiple cycles will always result in gains.
Alex Becker Sees Bullish Future for Cardano
Contrary to the cautious tone, crypto influencer Alex Becker presented a bullish forecast for Cardano. In a recent YouTube video, he named ADA among eight tokens he believes are primed for major growth by 2026.
Becker—who once criticized the project—now sees significant upside. He pointed to Cardano’s decentralization, fast transaction speeds, and rising on-chain activity as reasons for his renewed optimism. He even predicted a potential surge to $5, well beyond ADA’s current all-time high of $3.09.
He also cited institutional interest, including ETF filings and Cardano’s inclusion in a U.S. crypto reserve, as major catalysts. Becker argued that current prices offer a “discounted entry,” especially when viewed against ADA’s historical trajectory and growing market relevance.
Technical Pattern Signals Long-Term Potential
Adding to the mixed sentiment, a separate analyst on TradingView analyzed Cardano’s performance within a weekly ascending channel, which spans several years. According to the chart, ADA remains confined within this channel, frequently bouncing between trendlines—a structure that has previously preceded strong rallies.
The same pattern supported Cardano’s massive breakout from $0.20 to $2.70 in 2021. If this formation continues to hold, the analyst sees a first resistance target at $2.7567. A more aggressive projection based on historical movement suggests a long-term price target of $50.4821, though such a target remains highly speculative.
Related article: Cardano “Fast as Hell” – Alex Becker Tips ADA for $5 in Upcoming Bull Run
Conclusion: Cardano at a Crossroads
Cardano’s recent pullback has brought its price back to a pivotal historical level, prompting analysts to reassess its future potential. While long-term holders sit at break-even, the market now watches closely to see whether ADA can rebound into a new rally or continue consolidating below key resistance.
With technical setups, bullish forecasts, and institutional signals all in play, ADA’s next move could redefine its narrative in the 2024 bull cycle.
