Cardano ADA News: Potential Rally Expected, Price May Hit $1 in Coming Weeks

Cardano’s ADA is outperforming Bitcoin and Ethereum in the struggling cryptocurrency market. Despite a recent decline, the market anticipates a potential rally, with the price possibly soaring to $1 in the coming weeks. This optimistic target, however, depends on key developments in the Cardano ecosystem.

Cardano Price Prediction: Why ADA is Outperforming Bitcoin and Ethereum

Cardano’s ADA is among the top-performing altcoins, despite the broader cryptocurrency market struggles. At the time of publication, Cardano’s ADA traded for 0.8035, representing a decline of 3% and 14% in the past day and week, respectively. The market anticipates a potential rally, with the price possibly soaring to $1 in the coming weeks. However, this optimistic target depends on key developments, including the potential approval of a spot Cardano ETF in the United States.

Grayscale Signals Strategy Shift with Planned Cardano ETF

Grayscale Investments, known for its four-stage product lifecycle, has recently filed for a Cardano ETF, signaling a potential shift in its strategy. The company typically launches private placements for accredited investors before obtaining public quotations for unrestricted shares. Following this, Grayscale subjects its products to more disclosure and regulatory oversight by making them SEC-reporting companies. Finally, it aims to uplist its products to an ETF when the regulatory environment allows. The planned Cardano ETF indicates that Grayscale may be adapting its strategy in response to changing regulatory winds.

Cardano's Remarkable Growth in Q4 2024

Cardano experienced significant growth in the fourth quarter of 2024, with its native token ADA's price surging by 126% to reach $0.84. This increase pushed Cardano's market capitalization up 127% quarter-over-quarter to $30.3 billion, despite a slight decrease in circulating supply. The growth was accompanied by a rise in network activity, with daily transactions increasing by 65% and the treasury value reaching $1.4 billion. Updates such as Ouroboros Peras and Chang Hard Fork contributed to improved scalability and governance, further boosting Cardano's appeal.

Cardano (ADA) Price Reclaims $0.80 — Is $0.90 the Next Milestone?

Cardano (ADA) has recently shown strong resilience, successfully reclaiming the $0.80 price level after rebounding 15% from its latest low of $0.68. The token, which suffered a 40% drop from $1.15 in mid-January, is now breaking previous highs and gaining bullish momentum. Technical analysis reveals that ADA is still trading below the Ichimoku Cloud, a crucial support and resistance level, indicating possible future price movements.