Cardano’s $1 Surge Imminent as ADA ETF Approval Hits 75% Probability

Wall Street’s latest crypto flip-flop sees Cardano ETF odds skyrocket—just as institutional money needs a new narrative to chase.

Analysts now peg ADA’s path to $1 as ’inevitable’ post-ETF, though skeptics note the same firms rejecting spot ETFs in 2023 are suddenly bullish. The blockchain’s peer-reviewed approach finally pays off, with staking yields and institutional-grade architecture turning heads.

One hedge fund manager quipped: ’We’ll trade the rumor, sell the news, and blame retail when volatility hits.’

ADA ETF Gets Increased Approval Odds: Can It Push Cardano to $1?

In 2024, crypto-based ETFs were the talk of the industry. The investment vehicle opened a new door toward greater exposure for the asset class, with Bitcoin and Ethereum receiving approval. Indeed, $11 trillion asset manager BlackRock’s iShares Bitcoin Trust (IBIT) had performed so well that it was called the greatest ETF launch in history.

Now, all eyes are on what cryptocurrency can join them. Indeed, the US Securities and Exchange Commission (SEC) has enjoyed a major pro-crypto shift. Therefore, approvals are all but assured to take place this year. One asset that is front and center is Cardano, as an ADA ETF has seen its approval odds jump 75%, with the asset now targeting the $1 level.

Would love to hear directly from Atkins, but all good chance of happening. Here’s our latest odds of approval for all the dif spot ETFs via @JSeyff https://t.co/nLhYJJmO9U pic.twitter.com/4AcJVwhics

In a recent post to X (formerly Twitter), Bloomberg’s Eric Balchunas updated his approval odds for a host of crypto-based ETFs. The list included assets like Solana (SOL), Ripple (XRP), and Cardano (ADA). With the increased odds for the latter, all signs point to an incoming surge for the token.

The question is, just how high can it go? There are many who expect it to challenge the $1 level in the coming months. According to its daily chart, ADA recently completed an inverse head and shoulders pattern. Moreover, it also broke out of a falling wedge, restesting its upper trendline. With notable momentum, the asset is expected to challenge $0.81 before jumping further toward the $1.17 level.