Cardano (ADA), a rival of Ethereum (ETH), could potentially experience a massive surge of over 190%, according to a popular crypto trader. On-chain analyst Ali Martinez, who has a following of 57,500 on the social media platform X, stated last month that ADA’s price movement resembled a pattern observed from 2018 to 2021. He predicted that ADA would consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upward movement, he anticipated a period of further consolidation, setting the stage for a breakout to $5.

Martinez has now updated his prediction, stating that ADA is currently in the right position for a potential breakout to $1.70. At the time of writing, ADA is trading at $0.582, experiencing a decrease of nearly 4% in the past 24 hours and almost 25% in the past month.

Martinez also highlighted that Bitcoin’s address metrics suggest a potential increase in the price of the top cryptocurrency. By comparing support (1.4 million addresses holding 893,000 BTC between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 BTC between $70,760 and $71,200), Martinez believes that the odds favor the Bitcoin bulls.

At the time of writing, Bitcoin is trading at $69,678. It has seen an increase of nearly 6% in the past week but a decrease of around 4% in the past month.

It’s important to note that the opinions expressed in this article are not investment advice. Investors are advised to conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, and it is not an investment advisor.