An analysis says Cardano (ADA) is showing price action similar to the period just before the 2020-2021 bull market.

DeCrypt, a blockchain media outlet, reported on Aug. 3 that crypto analyst Javon Marks said ADA is again following a market structure seen ahead of past major advances and could rise to $2.9 over the medium to long term.

The analysis centres on the view that the current correction phase resembles the previous cycle that ran from 2018 to 2021. Marks said ADA's recent price moves show a noticeably similar sequence. He argued that if this structure continues, Cardano could be preparing for another large rally.

In the earlier cycle used for comparison, Cardano peaked at $1.32 in 2018 and then plunged. It later moved sideways for an extended period around $0.02, forming an accumulation phase. After breaking out of the long trading range, it shifted into a strong uptrend and rose to an all-time high of $3.10 in September 2021.

Marks said the current cycle is tracing a similar path. After the 2021 bull-market peak, ADA went through a prolonged correction marked by lower highs and recently traded within a descending trend line. He said ADA has now reached the lower part of a multi-year trend line, matching the point where a breakout came after the earlier accumulation phase ended.

He set a target of $2.90. Based on the current price of $0.1823, that implies about 1,490 percent upside. Marks said ADA could ultimately reach $2.90 after passing through multiple resistance zones in sequence.

He also gave a timeline. If ADA continues to mirror the past market cycle, the upward move could play out through early 2028. It is closer to a long-term recovery scenario than a short-term surge.

The outlook is framed by the fact that Cardano has still not regained its September 2021 all-time high of $3.10. After a prolonged bear market, the rebound was slow, but within the Cardano community around $2.90 has repeatedly been discussed as a likely upper target range.

Marks has also consistently maintained similar optimism. Citing a falling-wedge breakout in September 2025, he said ADA could first rise to around $1.20 and then eventually head to $2.91. A month later, he again mentioned the possibility of a rally to $2.96, saying a breakout above a long-term downtrend line and a pattern of higher highs and higher lows were appearing.

He kept the same view this time. ADA could again reproduce the price action that led the 2021 bull run and eventually rise to $2.90. The report also noted that past price patterns do not guarantee future performance.

Markets are focusing on the fact that the analysis relies on chart structure and similarities with past cycles. The key question is whether actual price action can escape a long-term downtrend structure and break through resistance levels.