Cardano’s Fresh Mega Target in Sight as Grayscale ETF Filing Ignites ADA Sentiment

Grayscale's latest ETF filing sends Cardano bulls into overdrive as ADA eyes fresh mega targets.

The Institutional Stamp of Approval

Grayscale's move isn't just another filing—it's validation that institutional players finally see what retail investors knew years ago. The timing couldn't be more perfect as Cardano's ecosystem continues maturing while other chains struggle with scalability issues.

Price Rocket Fuel

ETF speculation combined with Cardano's fundamental strength creates a potent cocktail for price appreciation. Suddenly, those 'mega targets' don't seem so speculative when traditional finance starts knocking.

Because nothing makes Wall Street believe in decentralization quite like the chance to package it into fee-generating products.

Cardano (ADA) emerged as the third-best-performing altcoin in August but has kicked off the new month in a bloodbath. Despite trading in red, the outlook for ADA for September is mainly positive, and one key player predicts a price surge above the $1 price mark.

In an X post, Ali_Charts, an analyst known for his bullish altcoin price prediction, has once again laid out the possibilities for the 10th most valued crypto asset by market cap.

The market player shared a technical chart created on August 31st, displaying a 4-hour candlestick chart data in which the analyst highlighted an ascending channel pattern. While the parallel trend lines define a bullish trend, the lower line acts as support where buying interest has historically emerged.

Per the analysts’ assertion, breaking above $0.88 is seen as critical to confirm a rally toward $1.20. If $ADA holds above the lower channel support and breaks $0.88 with strong volume, it supports a bullish outlook toward $1.20. However, a breakdown below the support could invalidate this, potentially driving the price to lower levels.

Cardano $ADA must break $0.88 to confirm a rally toward $1.20! pic.twitter.com/BpCLzSor4B

While technical analytical predictions for September are yet to roll in, fundamental factors seem to validate an even more bullish expectation. More specifically, the latest ETF filing from leading institutional player Grayscale is expected to drive ADA to a new high. 

Notably, Grayscale filed for an ETF with the U.S. Securities and Exchange Commission (SEC) for new Cardano (ADA) and Polkadot (DOT) exchange-traded funds.

Should the proposal be approved, both tokens could experience significant inflows, potentially driving up the prices of DOT and ADA in the long term.

At report time, ADA is trading for $0.82, with gains from the last 24 hours reaching 0.88%. However, losses from the previous 7 days have surged past 4%, signaling a mild drop in buying pressure.