Cardano (ADA) has given back most of its earlier gains after a recent sharp drop, but an analysis said the long-term chart trend still tilts toward bullishness.

On May 18 (local time), blockchain outlet The Crypto Basic reported that some analysts believe market participants who are turning away from Cardano based only on recent volatility are missing an opportunity once again.

Cardano rose 13 percent in the week that began on May 4, climbing as high as $0.288 at one point. At the time, sentiment across the broader crypto market improved. It then fell 10 percent in the prior week, slipping back to around $0.250. Amid broad-based selling, it erased most of the gains and again tested a key support zone.

Even so, analyst Celal Kucuker (셀랄 쿠추케르) argued that "investors are missing the Cardano investment opportunity by being shaken by a short-term correction." He said the Cardano chart is forming a "pattern that is hard to ignore."

On a weekly chart basis, an emerging bullish cup pattern was presented. Cardano entered a smaller curved structure after topping out near $1.32 in December 2024, and the price moved along the lower and side boundaries of that structure, the analysis said. After a peak of $1.02 in August 2025, it moved into a larger curved structure. It has fallen about 75 percent to around $0.248, but the pullback also received support as it aligned with the lower curve, the analysis said.

Kucuker viewed the cup formation as a long-term bullish signal for Cardano. He judged that a build-up of accumulation while holding a key support zone typically comes ahead of large price moves. He also said that, in a bigger picture, a multi-year trading range that has pressured Cardano’s price can be identified. Cardano entered that range in earnest from April 2022 and has since moved between an upper resistance line and a lower support line.

The key point of the analysis is that the structure held even during the recent decline. Cardano retested the lower support line near $0.235 in February and March, and each retest was followed by a rebound. Therefore, as long as Cardano continues to hold this multi-year support area, the bullish scenario remains valid, it said.

He said that if the bull market regains control, the strong structure on the weekly chart could lead to higher prices. The chart cited $1.01, the upper resistance line of the current range, as an initial target. That is 308 percent above the current price.

It also ultimately mentioned a target of around $4 in the next bull market. The chart presented a scenario of a 1,621 percent rise to $4.27, in which case Cardano would set a new all-time high (ATH). The outlook also matches a forecast previously presented by analyst Rasoul Ahmadi (라술 아흐마디).

The premise for this outlook is clear. Cardano must hold its long-term support zone around $0.235. Analysts are watching Cardano despite the recent drop not because of a short-term rebound itself, but because the repeatedly confirmed support zone and the weekly chart structure have not yet been damaged.

People are sleeping on Cardano again… in this bull run, $ADA is $4. The chart looks too strong to ignore. pic.twitter.com/QbDSDdG6dD