TL;DR
- Cardano’s ADA shows bullish momentum, with analysts predicting a potential rally to $1 in the coming weeks and even $10 by the end of 2025, though reaching this price would require a market cap of over $350 billion.
- Grayscale’s potential approval for a spot ADA ETF in the US could be a major catalyst, offering regulated exposure and boosting demand for the asset.
Is ADA Gearing up for a Massive Rally?
The cryptocurrency market has experienced a setback in the past 24 hours, with Bitcoin (BTC), Ethereum (ETH), and many other leading assets charting losses. One of the few that has remained in the green territory is Cardano’s ADA, which is up around 3% for the day and currently trades at roughly $0.80 (as per CoinGecko’s data).
According to many industry participants, the recent resurgence suggests that ADA has yet to reach new dimensions. The user Sssebi on social media thinks ADA needs to climb to a higher high to sustain its bullish momentum. “Otherwise, we could be forming a head and shoulders pattern,” they expressed.
Another analyst, CryptoBull_360, added their perspective by asserting that ADA could retest the broadening wedge breakout zone in the 4-hour time frame. They noted that trading volume has been increasing, setting a target of over $1 for the following weeks.
A particularly optimistic prediction emerged from the X user SlumDOGE Millionaire, who suggested to their nearly 400,000 followers that ADA could hit at least $10 by 2025. It is important to note that such a price explosion would require the asset’s market capitalization to soar to over $350 billion—a figure that currently seems implausible, given that the current market cap stands below $30 billion.
Grayscale’s Potential Effect
A significant factor that could contribute positively to the token’s price in the long term is the potential approval of Grayscale’s application to launch a spot ADA exchange-traded fund (ETF) in the US.
If approved, this investment vehicle would provide individuals with a regulated and accessible way to gain exposure to Cardano’s native token without necessitating direct ownership of the asset. The US SEC, under its new management team, appears to be adopting a different approach towards the cryptocurrency sector. As such, an approval wouldn’t come as a surprise. According to Polymarket, the odds of such a development occurring before the end of the year are currently estimated at 58%.
In conclusion, as ADA continues to attract attention for its resilient performance amid market downturns, the potential for significant price increases seems more plausible than ever—with the prospect of a spot ADA ETF further fueling optimism.
