Legendary trader Peter Brandt believes Cardano (ADA) has reached its bottom, arguing for a grand bull run for the coin amid an impending altcoin season.
Cardano has recently shown bullish momentum, climbing above $1 after previously dipping below it. ADA’s price is $1.08 at the time of writing, reflecting a 4.07% increase in the last 24 hours and a 16.71% rise over the past week.
This resurgence has garnered renewed attention from traders and market analysts, who see potential for further growth.
Cardano Chart Analysis Pointing Grand Bull Run
Veteran chart analyst Peter Brandt recently shared his observations on ADA’s weekly chart, pointing to key patterns that signify a bullish outlook. Brandt’s analysis highlights a descending triangle pattern from 2022 that led to a downward price movement.
This bearish trend persisted until early 2023 when ADA formed a classic double-bottom base around the $0.2 level. The double bottom, a strong reversal indicator, marked the end of the downtrend and set the stage for upward momentum.
Following the breakout from this base, ADA moved past the $1.20 in late 2024 level before encountering resistance.
According to Brandt, Cardano has completed its bearish phase, forming a solid foundation for a bull market. In parallel, he sparked optimism that a grand altcoin season could be around for ADA.
Meanwhile, when asked about his value thesis for ADA, Brandt clarified that he is a chart-based swing trader without an underlying value thesis. Moreover, he noted has likely never traded Cardano.
I do not have an underlying value thesis. I am a chart based swing trader. I post charts that are interesting. I am not sure I have ever even traded $ADA
— Peter Brandt (@PeterLBrandt) January 17, 2025
Other Bullish Commentary on Cardano
In addition, analyst Crypto Rand pointed to further bullish signals for Cardano in a separate commentary. He highlighted a bullish pennant on Cardano’s chart following its sharp rally in late 2024.
According to the analyst, ADA has one of the most promising charts, arguing that ADA could rally to $2 soon.
Spike in Network Activity
On-chain data from IntoTheBlock reveals heightened activity on the Cardano network, reinforcing the optimistic sentiment surrounding ADA. The 7-day Net Active Change rose by 4.79%, reflecting a modest uptick in network engagement.
Cardano Network Metrics
More notably, the 7-day “Actively Accumulating Change” increased by 11.99%, signaling growing interest from long-term holders.
Additionally, the 7-day “Zero Balance Addresses Change” surged by 12.26%, suggesting the creation of new wallets or the reactivation of dormant addresses.
