Following Binance Coin's (BNB) significant rise, analysts are considering the possibility of a similar rally for Cardano (ADA).
BNB Leads the Altcoin Market
Binance Coin has emerged as a leading gainer, climbing 22% over the past week and surpassing $700. Market analyst Ali Martinez speculates that BNB might be initiating the altcoin season, indicating incoming rallies for other major altcoins.
The Next Step for Cardano
In a recent X post, Martinez highlighted Cardano as the next asset potentially set to follow BNB's breakout. Historical data shows a correlation between ADA and BNB since January, although ADA lagged following the February 3 market dip. However, Cardano's recent price action indicates a realignment with BNB's performance, supporting Martinez’s view. If ADA mirrors BNB's surge, it could rally 27.7% to reach $1.
Long-term Outlook for ADA
Beyond the short-term rally, Martinez maintains a bullish long-term outlook for Cardano, predicting a parabolic surge to $15. He cites ADA's cyclical price performance, drawing parallels with the 2020-2021 bull run. Such a move is expected over a broader bull cycle rather than imminently. In the short term, ADA is consolidating after a recent breakout, with $1 as the next major resistance.
Should the BNB scenario hold true, Cardano is poised for significant growth, aligning with analysts' long-term forecasts.
