Cardano (ADA) has experienced a significant price spike. The asset is currently the best-performing cryptocurrency among the top 10 projects. ADA’s price has risen 15.7% in the daily charts, 6.4% in the weekly charts, and 42.7% since February 2024. Despite the rally, the asset is down by 16.5% in the 14-day chart and 20.8% over the previous month.
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Cardano Blazes Past Bitcoin, XRP, and Solana
ADA’s latest price spike follows Grayscale’s spot ADA ETF application. The financial institution aims to list a spot ADA ETF on the New York Stock Exchange. The application has sent a frenzy through the ADA community.
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According to Bloomberg ETF Analysts James Seyffart and Eric Balchunas, there is a high probability that the SEC will approve ETFs for XRP, Solana, Dogecoin, and Litecoin. Although the analysts did not mention Cardano (ADA), many believe the ninth-largest crypto will also get an ETF soon. The SEC approved Bitcoin (BTC) and Ethereum (ETH) ETFs in 2024. This year, the list may grow to include many more crypto assets.
Will The Asset Breach $1 This Week?
According to CoinCodex, ADA will rally over the next few weeks. The platform anticipates ADA to breach the $1 mark by the end of this month. CoinCodex predicts ADA will face considerable resistance at just above $1. The asset’s price will test the $1 mark several times before hitting $1.20 on May 8, 2025.
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There is also a probability that Cardano (ADA) will face a correction soon. The larger crypto market is still in a slump. Macroeconomic factors may also present a significant barrier to ADA’s price. If the Federal Reserve announces an interest rate cut, investor sentiment may rise. ADA’s price could continue to rise under such conditions.
