Cardano Primed for Rally: Elliott Wave Pattern Signals Bullish Surge as Key Metric Hits All-Time High
Cardano's price action just flashed its most bullish signal yet—and traders are scrambling to position themselves.
The Elliott Wave setup: ADA's chart now mirrors textbook wave patterns that historically precede explosive moves. Wave theorists are whispering ‘third-wave rally’—the steepest leg of any trend.
Fueling the fire: Network activity metrics just smashed records, with daily active addresses punching through previous ATHs. When fundamentals meet technicals like this, even crypto skeptics pay attention.
The cynical take: Of course, Wall Street will ‘discover’ this setup right after accumulating positions—just in time to dump on retail FOMO. Some things never change in finance.
Cardano stablecoin growth is continuing
ADA’s rally came as third-party data showed that its stablecoin market is expanding rapidly. According to DeFi Llama, the stablecoin supply on Cardano has climbed to a record high of $39 million, up sharply from the year-to-date low of $22 million.
Moneta, the largest stablecoin on Cardano, has a circulating supply of $12.4 million, while Anzens USDA holds $10.16 million. USD Coin’s supply on the network is valued at over $4 million.
While Cardano’s market share in the $270 billion stablecoin industry is minuscule, its upward trajectory is encouraging, especially after President Donald TRUMP signed the GENIUS Actinto law.
Other areas of Cardano’s ecosystem are also growing. Decentralized exchange protocols on its network processed $125 million in transactions in July, up from $103 million in June.
Most of this growth is concentrated in Minswap, which handled over $97 million in transactions in the past 30 days. Other major DEX platforms on cardano include Splash Protocol, WingRiders, and SundaeSwap.
Meanwhile, ADA is benefiting from rising odds that the Securities and Exchange Commission will approve Grayscale’s ADA ETF later this year. These odds stand at over 80% on Polymarket.
Cardano price technical analysis
The daily timeframe shows that ADA has strong technicals supporting further gains. It initially formed a double-bottom pattern at $0.515 and broke above the neckline at $0.862. This pattern has a depth of about 40%, meaning that projecting the same distance from the neckline gives a target of $1.21.
Cardano has already completed the first and second phases of the Elliott Wave pattern and has entered the third phase, which is typically the most bullish. This phase could drive the price toward key resistance at $1.33, about 45% above current levels.
