Recent analytical insights indicate a potential rise for Cardano (ADA) ahead of a crucial SEC ruling on ETFs. Analysts note key resistance levels have been surpassed, boosting investor optimism.
Technical Analysis of ADA
Analyst Trend Rider highlighted that ADA has shifted into bullish territory on the weekly chart, acknowledging the breach of key resistance levels. Despite a slightly negative oscillator reading, he advised holders to remain patient, targeting around $1.20 if Bitcoin's uptrend continues.
ETF Prospects for Cardano
Analyst Crypto Smith pointed out a textbook 'cup and handle' formation on ADA's chart, suggesting the token is ready to break out from its $0.92 resistance. According to Polymarket, the odds of Cardano ETF approval in 2025 have risen to 83%, with Bloomberg analysts estimating a 90% probability. The SEC is reviewing delayed proposals for spot ADA and AVAX ETFs, with final decisions expected in October.
Founder Insights and Market Expectations
At the time of writing, ADA trades between $0.75 and $0.78, with a 46% uptick in daily trading volume. Founder Charles Hoskinson also chimed in recently, suggesting ADA could outperform Bitcoin in the long run, predicting returns of 100x to 1,000x driven by new projects like Midnight.
With ADA's technical setup and renewed institutional interest, there is a compelling case for a sustained rally, especially in light of the upcoming SEC ruling on ETFs.
