- The Cardano price chart signals a bullish flag pattern, with Fibonacci extension levels at $4.80 and $7.70.
- Speculation is growing over a potential Cardano ETF filing, which could push ADA to $3, following similar developments with XRP and Solana.
Cardano (ADA) price has seen a massive rally, jumping another 18% in the last 24 hours, moving as high as $1.26, with a market cap of $44.3 billion. Additionally, the daily trading volume jumped 61%, surpassing $6.38 billion, showing that there is a huge bullish sentiment among investors.
Cardano is one of the largest contributors to the altcoin market, along with XRP. Over the past week, ADA price increased by 40%, while it gained over 275% on the monthly chart. Market analyst Javon Marks highlighted Cardano’s strong momentum while predicting ADA’s next price target at $2.77. This shows that the altcoin is poised for another 100% price gain from here.
However, the market analyst does not believe that ADA will peak at $2.7. Drawing comparisons to the 2021 bull cycle, Marks suggested that Cardano could potentially reach $5.296 or even $7.82. Another prominent expert, Lark Davis, went further, predicting a massive 747% jump for ADA, hitting $10, as reported by CNF.
The Cardano price rise comes amid renewed interest in the crypto market as a whole, as the Bitcoin price attempts to break through the $100,000 resistance. The recent US presidential election has also amplified hopes for crypto-friendly policies, further boosting market sentiment, as reported by CNF.
Cryptocurrency Market Analysts Expect ETF Filing for Cardano
Cardano’s price chart shows a bull flag pattern, signaling a potential 50% rally ahead. Additionally, key Fibonacci extension levels at $4.80 and $7.70 mark important milestones. Veteran market analyst Tyler Burke predicts that ADA could reach $3.50 by January, potentially setting the stage for a broader rally.
Additionally, there is growing demand for a Cardano ETF amid the recent surge. Dan Gambardello, founder of Crypto Capital Venture, predicts that Cardano (ADA) could quickly reach $3 if it gains approval for an exchange-traded fund (ETF), similar to XRP.
In a recent post on X, Gambardello highlighted the many positive developments within the Cardano ecosystem. Although several asset managers have filed different crypto ETFs for altcoins such as Solana, XRP and even HBAR, there is no such filing for ADA at this point.
Additionally, in his latest post on Platform X, Cardano founder Charles Hoskinson shared a milestone from the recent Hydra Doom test, which features the community.
The Cardano developer team recently conducted a load test for the Hydra Head protocol ahead of the planned gaming tournament that will test the limits of the network. The Hydra Head protocol, developed by Input Output Global, aims to improve its scalability and throughput.
During testing, Cardano reached an impressive 134,464 transactions per second (TPS), which is a significant jump from the 257 TPS recorded during typical transactions. The upcoming tournament, featuring the Doom game, should showcase the protocol’s capabilities.
