Cardano Price Forecast: Will $1 be the Next Target?

Cardano’s ADA token has made impressive gains recently, rising by 13% to reach $0.80, as indicated by market data from February 17, 2025. Despite overall market weakness, ADA has shown resilience and strength, drawing attention from traders and analysts.

Technical analysis highlights the strong support level at $0.74, which has served as a critical zone for ADA’s price movement. This support level has provided a base for the current upward trend, supported by increased trading volume in the market. The surge in volume suggests growing confidence and interest among traders, driving the price higher.

The long-to-short ratio for ADA has reached 1.09, its highest level in over a month. This ratio indicates that more traders are taking bullish positions, betting on price increases rather than declines. The positive sentiment in the market is further reinforced by the funding rates turning positive, signaling that traders holding long positions are now paying those with short positions.

On the technical front, ADA has found support around the 61.8% Fibonacci retracement level, consolidating its position above key moving averages. The Relative Strength Index (RSI) on the weekly chart stands at 53, indicating bullish momentum in the market. These technical indicators point towards a potential further uptrend in ADA’s price.

One significant development that could impact ADA’s price is Grayscale’s application for a spot ADA exchange-traded fund (ETF) in the United States. With a 58% chance of approval before year-end, the ETF could provide institutional investors with regulated exposure to ADA, potentially driving demand and accessibility for traditional investors.

Market analysis suggests potential targets for ADA at $0.98, representing a 22% increase from the current levels. This target aligns with the previous high recorded on January 30, indicating a bullish outlook for ADA. Traders and analysts are closely monitoring ADA’s performance, with immediate resistance at $0.98 and strong support at $0.74.

In conclusion, Cardano’s ADA token has demonstrated strength and resilience in the face of market volatility. With positive technical indicators, growing market confidence, and potential catalysts on the horizon, ADA looks poised for further growth. Traders and investors are closely watching ADA’s price movements, with a bullish sentiment prevailing in the market.