Cardano price aims for $1 before October ETF announcement
Cardano’s native cryptocurrency, ADA, demonstrated robust resilience above the $0.8 mark on Monday in response to a wider relief rally in the crypto market and growing excitement over a potential ETF launch in October. The technical chart also aligns with this positive sentiment, showcasing a bullish continuation pattern as the Cardano price bounced. Could this pave the way for a surge to $1 soon?
The U.S. Securities and Exchange Commission (SEC) is under pressure to decide on Grayscale’s proposed Cardano (ADA) exchange-traded fund by October 26, 2025. This deadline is critical as the application under a 19b-4 rule has reached its limit, marking a pivotal moment for the project and the crypto ETF sector. The SEC recently introduced significant reforms to its spot commodity ETF listing framework, allowing for faster approval of crypto-related products by major exchanges like NYSE and Nasdaq. This change signals a potential shift towards accepting additional digital asset investment options beyond Bitcoin and Ethereum.
Grayscale’s updated S-1 submission aims to strengthen the case for ADA’s inclusion in regulated markets, boosting approval odds to 91% according to betting markets like Polymarket. If greenlit, the Cardano ETF could provide traditional investors with ADA exposure devoid of custodial risks, potentially driving liquidity, institutional investments, and broader market awareness. Success with the Cardano ETF may open doors for similar altcoin ETFs tied to Solana, XRP, and Litecoin, all awaiting SEC rulings later this October.
The recent price action of Cardano underscores its bullish momentum, with a 7.2% rise from $0.757 to $0.813 seen over the past week alongside broader crypto market gains. The formation of a bullish continuation pattern known as a ‘flag’ on the daily chart signals a potential uptrend. This pattern typically involves an ascending trendline indicating dominant price strength, followed by a brief pullback between parallel trendlines to recharge bullish momentum.
A breakout from the current resistance levels could propel Cardano’s price by 7.5%, testing key resistance at $0.89 and potentially setting the stage for a run towards $1. However, failure to breach the resistance could lead to a prolonged correction in the coming months. The market sentiment remains optimistic, buoyed by expectations surrounding the upcoming SEC decision on the Cardano ETF.
In conclusion, Cardano’s price is poised for significant movements in the near term, driven by both technical patterns and regulatory developments. The looming ETF decision and bullish chart indicators suggest a favorable outlook for ADA, potentially paving the way for a push towards the coveted $1 mark. Investors and traders alike are closely monitoring these key catalysts as they navigate the dynamic crypto landscape.
