The Cardano price has been hovering around the $0.57 price mark, down over 55% from its Q4 2024 high of $1.33. While technical indications on the chart might present a mixed picture, the fact is that sentiment is shifting towards optimism.

This is happening due to increased activity within the ecosystem and growing institutional support. For instance, this week, Social media buzz was on fire, with Cardano receiving over 200,000 mentions on X in just one week, largely sparked by the recent Midnight Glacier airdrop.

Not just that, another factor changing the sentiment was the recent launch of Coinbase’s cbADA on its Layer 2 network, Base, which adds to the bullish outlook. This wrapped version of ADA could significantly enhance Cardano’s utility across decentralized finance protocols.

As ADA continues to trade steadily near $0.57, the timing of this launch could be pivotal in propelling the asset into a new growth cycle. Keep reading to know more.

Analyst Projects Cardano Price To Hit $2

As of now, ADA crypto is trading at $0.57, reflecting a 2% decline over the past day and nearly 24% over the last month. 

The cryptocurrency continues to follow a downward trend, confined within a descending channel. Yet, the Cardano price recently found support at April’s low, coinciding with the lower band of the Bollinger Bands.

Interestingly, the Bollinger Bands have begun to narrow, suggesting that ADA price action is attempting to bounce off the lower band. 

If ADA price gains momentum, especially with the upcoming Midnight airdrop potentially boosting activity, it could test the resistance range of $0.60 to $0.62 towards the Bollinger band’s baseline. Should it break through this level, a move toward $0.70 might be on the horizon in the short term.

On the contrary, if ADA crypto fails to sustain its price above $0.55, then the next significant support level lies near $0.52-$0.50. 

Despite the recent lower lows, some analysts remain optimistic and are projecting ambitious targets.

In a recent YouTube video, crypto analyst Dan Gambardello projected a bold target for ADA price. Dan predicts that ADA could replicate its previous bull cycle, and could rally to $2 within weeks or months, contingent on broader market conditions.

That said, if the overall market sentiment remains positive and ADA price can overcome key technical barriers, it may be poised for substantial gains in the coming months.