Cardano (ADA), a cryptocurrency on the rise, is estimated by analysts to soar within the range of $7.8 to $10. This prediction stems from a close examination of historical data, particularly focusing on how ADA has performed in its previous market cycles. One of these insightful analysts, Javon Marks, has recently drawn attention to the recent movements in Cardano's price. Marks, drawing from earlier analysis, initially aimed at a target of $2.7 for ADA. He highlighted the potential for Cardano to reclaim its previous highs from the previous bullish market cycle.

After the initial evaluation, Cardano experienced a remarkable 222% increase alongside a broader market uptrend seen earlier in the year. Nevertheless, Cardano faced a significant obstacle in achieving the initial $2.7 target when it encountered resistance around the $0.81 mark in mid-March. This resistance led to a notable correction for Cardano's price. Presently, ADA is valued at $0.45, reflecting a decline of 44% from its peak at $0.81. Despite this decline, Javon Marks views the ongoing pullback as potentially positive for Cardano, suggesting it may precede a significant upsurge. He posits that if Cardano maintains the breakout trend observed in the previous year, a substantial increase in its value is highly likely.

Marks further explains that to achieve the initial $2.7 target, ADA would need to rise by a striking 462%. Impressively, Marks is optimistic that Cardano might surpass this target significantly, pointing to its performance during the 2021 bull run. Noteworthy is Cardano's historical trend from 2020 to 2021, where it witnessed a pullback following a breakout from a long-term descending trendline. Subsequently, ADA's price surged to various levels, hitting milestones such as $0.81, $1.60, and $2.39, before peaking at an all-time high of $3.1 in August 2021. Marks perceives a similar pattern unfolding in the current market cycle. He has devised three key price targets for Cardano, aiming at $2.77, $5.29, and ultimately $7.82. The last target would represent a striking 1,500% increase from Cardano's current value.

An Upgrade Catalyst for Cardano's Upsurge towards $10

Amid these ambitious projections, some analysts view them as rather conservative. For instance, market analyst Lucid anticipates Cardano to potentially reach $10, asserting that this milestone could be achieved following the upcoming Chang update for Cardano. Named in honor of Phil Inje Chang, the former Product Manager for Voltaire at IOHK who passed away two years ago, the Chang update signals a pivotal moment in Cardano's Voltaire phase. This crucial upgrade is set to enhance Cardano's governance model significantly.

Executed through a hard fork, the Chang update will introduce on-chain governance functionalities, allowing for decentralized voting mechanisms and improved treasury management. In conjunction with these governance enhancements, the Plutus V3 Upgrade will be rolled out to bolster Cardano's smart contract capabilities. Notably, this development offers a pathway for new privacy features and collaborations across different blockchain networks.

Due to the substantial impact of this upgrade, slated for this current quarter, analysts like Lucid speculate that it might pave the way for a surge in Cardano's price. Lucid's bullish target of $10 marks a remarkable 2,122% increase from Cardano's current market value, currently set at $0.45. As analysts observe the ongoing market movements and prospective upgrades, the future looks promising for Cardano and its investors.