Can Cardano Price Cross $3 As Odds of a Cardano ETF Drop?

Cardano price action chart showed a significant rebound from its lower levels, leading to a noteworthy challenge of former resistance near $1.00, marked by recent price action.

Over the past weeks, ADA surged, breaking the $1.00 barrier, which previously acted as a strong resistance since early 2024.

Following this breakout, ADA’s price briefly touched $1.025 before retracing slightly to stabilize just above the breakout point.

This retest phase is crucial, as maintaining above $1.00 could indicate strong buyer confidence, potentially setting the stage for further gains.

Should ADA maintain this momentum and buyer interest continues to build, there’s a conceivable path towards retesting its all-time high near $3.

However, the journey to $3 would require substantial market support and positive sentiment, driving higher trade volumes and investor engagement.

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Key resistance levels to watch would be at $1.40 and subsequently $2.00, which if surpassed, could bolster the possibility of approaching the $3 mark. Yet, investors should be wary of potential pullbacks, especially if ADA fails to sustain its current levels.

Cardano Price Gains in the Last 3 Months

Over the past three months, ADA also surged remarkably, ranking as the second best-performing cryptocurrency with a 174.53% gain.

This impressive rise underscored ADA’s robust market sentiment and investor confidence. Notably, SUI leads the chart with a 179.55% increase, demonstrating its strong performance in the same period.

Other significant movements include MNT at 100.98% and DOT at 65.94%, indicating a broad bullish trend across the crypto market.

ADA’s climb is noteworthy. After consistently maintaining upward momentum, the coin now seems poised to challenge its previous all-time high near $3.

As ADA approached this critical level, maintaining such momentum could very well hinge on continued positive market sentiments and further adoption news, potentially catalyzing its climb towards the $3 mark.

This analysis reflected on the dynamic and optimistic nature of ADA’s recent price movements and its potential for future gains, closely mirroring the broader cryptocurrency market’s upward trend.

Probability of a Cardano ETF in 2025

However data on Polymarket showed a declining probability, now at 21%, for the approval of a Cardano ETF by the end of 2025. This decline in investor confidence could have significant implications for Cardano’s price trajectory.

Typically, ETF approvals are viewed as bullish events, providing legitimacy and easier access for institutional investors. The decreasing likelihood of an ETF may dampen optimism around Cardano’s ability to surpass its all-time high of $3.

The market’s cooling sentiment towards an ETF approval aligns with a cautious approach from investors, potentially capping Cardano’s upward momentum.

If the altcoin fails to attract substantial institutional interest through such traditional financial instruments, it may struggle to break past significant resistance levels and sustain higher valuations.

However, should the broader market conditions favor altcoins, or should Cardano announce other substantial developments, there could still be a pathway for ADA to reach and possibly exceed its previous highs, despite the setbacks concerning the ETF.