Cardano's Price Setup Bears Resemblance to Its Historic Rally

Market commentator Javon Marks has drawn comparisons between Cardano's current price structure and its setup in 2020, which preceded a historic rally. According to Marks, ADA has formed a base similar to the one it developed before breaking higher in 2021.

The chart shared by Marks highlights the similarities between the two structures. In particular, the chart shows ADA moving through a prolonged consolidation phase before recovering from a recent low.

With ADA trading around $0.246, Marks projects that the token could move toward the $2.90 level, which would require a gain of roughly 1,050% and place ADA relatively close to its previous peak price of $3.10.