The price of Cardano (ADA) is in the spotlight as approval odds for an ETF are rising. Following recent market changes, Cardano's price has surpassed the $0.80 mark.
Cardano Price Reaches New Level
On July 17, Cardano's price crossed the $0.80 mark, marking a key recovery point for the cryptocurrency. Previously, ADA had spent considerable time trading below primary resistance levels. Over the past week, the price rallied 14% from a low of $0.54. As of writing, Cardano was trading at $0.8011, with a trading volume of $2.46 billion. Traders noted a rounding bottom pattern on the chart, indicating a potential market direction change.
Changes in ETF Approval Odds
The odds of a spot ADA ETF approval on Polymarket have increased to 84%. This rise has come amid growing interest in new crypto products. In June, the odds were around 42%, indicating a shift in trader sentiment. However, there has been no official announcement from the SEC regarding potential approval for such an ETF yet.
Increased Network Activity of Cardano
Beyond ETF speculation, Cardano's network has seen increased activity. Data from DeFiLlama shows that the total value locked in Cardano-based decentralized apps has grown by over $100 million since late June. This growth suggests greater interest in the blockchain's offerings, such as lending and liquidity pools. Meme coin activity has also surged, supporting the price rise of Cardano. Analysts suggest that if both network activity and investor interest hold, the ADA price could approach the $1 mark.
The recent price surge of Cardano and the rise in ETF approval odds have drawn attention to the project. Traders are currently watching to see if the price will hold above the $0.80 mark and continue to gain momentum.
