Renowned analyst estimates that Cardano is about to skyrocket

The Cardano Foundation is making significant strides to push forward the adoption of its native cryptocurrency.

According to one of the most prominent technical analysts in the crypto community, Cardano could be about to experience a significant bullish impulse.

According to the analyst, Cardano has gone through a six-month-long consolidation period that could indicate that the bottom is in.

On Jan. 20, TraderX0 was expecting that ADA could make a quick retracement to the yearly open of 468 satoshis.

Now that Cardano indeed pullback to this area of support, the analysts believe that it could skyrocket over 100% to hit 975 satoshis.

Along the same lines, Beastlorion stated that the recent close above the 200-day moving average is a clears sign that "Things are looking up" for Cardano.

Cardano is looking very strong from a fundamental standpoint.

IOHK and the Cardano Foundation are working hard to create an infrastructure that enables decentralized applications on the network.

Charles Hoskinson, the CEO of IOHK, is reportedly using his trip to the World Economic Forum in Davos as a "Networking opportunity" to identify potential partners that will contribute to the development of ADA. As the efforts to improve the Cardano protocol continue to increase, its price could also see a significant boost.

Only time will tell whether the overhead resistance at 548 satoshis will break, allowing ADA to make higher highs.