Analysts predict that the third wave will push Cardano to break its previous all-time high.

TradingViewanalyst “Migoreng_wrap” pointed out that Cardano has upside potential, believing that this altcoin will rebound from its recent consolidation. As of press time, ADA has dropped 18% in the past seven days and has accumulated a staggering 55% decline year-to-date.

The Third Wave Driving Cardano Upward

Notably, the analyst believes that the current market conditions are only temporary and predicts that ADA's price will rise. He emphasized that the third wave in the five-wave Elliott Wave pattern will drive this upward trend.

For context, ADA has been trading in a descending channel since reaching its all-time high of $3.10 in 2021, eventually breaking out of the channel in January 2023. After peaking at $0.46 in April 2023, the token pulled back and retested support near $0.22 in September.

In September 2023, a broad Elliott Wave structure began to form near the support area, with the first impulse wave pushing ADA to a high of $1.32 in December 2024. Since then, the second corrective wave began and has continued to the current low of $0.37.

Cardano Elliott Wave Pattern

The analyst predicts that the third wave of the uptrend is imminent and could push Cardano to unprecedented heights. He forecasts that Cardano's price will surge more than 846% from the current $3.10, reaching a new all-time high of $3.50.

Additionally, the commentator noted that the ADA/BTC chart shows signs of an impending reversal. Although he did not provide a more detailed analysis, the chart shows a clear downtrend, with Cardano appearing weak relative to the crypto leader Bitcoin.

Meanwhile, his USD chart indicates that the completion of the five-wave Elliott Wave pattern could push ADA into double digits.

Stablecoin Push, Core Price Catalyst

The analyst also highlighted recent initiatives by the Cardano Foundation to promote global adoption, specifically by injecting stablecoin DeFi liquidity to enhance the ecosystem's liquidity.Committing an eight-figure ADA offenseto promote development in this area, aiming to address the long-standing lack of user appeal in Cardano DeFi.

According to market observers, the promotion of stablecoins will be at the core of Cardano ecosystem's strategy for 2025/2026 and could potentially boost its adoption.