Cardano price has faced stern downward pressure compared to other cryptocurrencies over the past few weeks. More recently, ADA started a fresh decline below in the $0.3550 zone and is currently down about 15% over the last 30 days.

This indigent performance has kept many ADA holders in the red zone, with unrealized losses mounting as the price continues to decline. As a result, it is natural for many to continue selling to cut their losses, which in turn could cause the price of ADA to decline further, at least in the compact term.

The analyst says Cardano price has already achieved an 80 to 90% correction.

ADA’s current price action is very complex to stomach, especially for long-term holders who continue to hold prices despite indigent performance. According to analyst at TradingViewthe best way for ADA holders to continue to get closer to ADA price forecasts is to stick with them. This is because the decline is already quite advanced and it can be said that for this pair 80 to 90% of the correction is already behind us.

In comparison, Cardano is currently trading about 56% below its 2024 high of $0.7742, despite the broader market gains seen in September and October. According to cryptocurrency analyst Alan Santana on TradingView, ADA appears to be consolidating around the same price levels seen in November 2023, showing narrow growth momentum.

In comparison, most other huge market cap cryptocurrencies such as Bitcoin, Solana, and BNB are already on track to retest their 2024 first-quarter highs.

Interestingly, there is a possibility of Cardano’s value falling in the coming months, especially if Bitcoin were to make a massive correction. However, as analyst Alan Santana noted, Cardano is almost done with fixes. Therefore, a fresh drop in the price of ADA would not be a super forceful drop and would only last a few days or a few weeks at most.

Sustainable long-term growth for ADA

According to Santana, selling ADA now may not be the best move, especially for those who have stayed the course throughout the corrections. This is because ADA prices are already really low and already in the accumulation zone. Therefore, it would be prudent action focus on the long term and wait until the next bull market starts in full swing.

Santana’s price projection for ADA suggests that while there may be another diminutive decline, this is likely to be followed by a gradual recovery from November 2024 to February 2025, with a more significant phase of gains expected to gain momentum by March 2025. According to Santana forecasts to this point the potential return on ADA above $0.70, which represents a 130% escalate from the current price level.

At the time of writing, ADA is trading at $0.3371, up approximately 1.25% in the last 24 hours.

Featured image created with Dall.E, chart from Tradingview.com