Cardano ETF Approval Odds Hit 84% As Price Moves Past $0.80

The Cardano price is in the spotlight, with approval odds for an ETF rising to 84% on Polymarket as the coin trades above $0.80.

As revealed, the jump in ADA price and betting interest followed a week of substantial gains in the broader crypto market.

Notably, ADA is showing signs of growing momentum across both trading volumes and network activity.

Cardano Price Breaks $0.80 Amid ETF Sentiment

Cardano price crossed above $0.80 on Wednesday, July 17, as the odds of a spot ADA exchange-traded fund (ETF) being approved climbed to 83% on Polymarket.

The price level marked a key recovery point for ADA, which had spent several weeks trading below primary resistance levels.

This increase followed a 14% rally over the past seven days, with ADA bouncing from a low of $0.54.

At the time of writing, Cardano price was trading at $0.8011, with a trading volume of $2.46 billion.

Traders noted a rounding bottom pattern on the chart, which often indicates a shift in market direction.

It is worth noting that the rise in ETF odds coincided with increased buying activity.

A move above the $0.74 resistance line and the 200-day simple moving average helped confirm the change in trend.

Market participants said further gains could depend on whether the ADA price stays above these key levels.

Polymarket users placed higher bets on an ETF approval as speculation around new crypto products grew.

In June, the odds were pegged around 42%. The latest figures suggest a change in sentiment, though there is no confirmed timeline for a decision from U.S. regulators.

Polymarket Odds Reflect Shifting Sentiment

It is worth noting that the 84% approval figure on Polymarket came as traders continued to monitor signs from the SEC.

The agency has yet to make any public announcement on a Cardano ETF.

Nevertheless, past decisions on Bitcoin and Ethereum have raised hopes for similar products tied to other altcoins.

More importantly, the shift in odds has been steady. From early June through mid-July, Polymarket data showed growing confidence in an approval.

This is likely driven by increased discussion on regulatory clarity in the United States.

For many traders, these Polymarket position serves as an early indicator of sentiment rather than a final prediction. Still, rising odds often influence behavior across the broader market.

Some analysts have said that if ADA were to secure an ETF, it could help attract more institutional attention.

Others noted that short-term pullbacks have often followed previous rallies linked to ETF approvals in the crypto space, thus hinting at caution in profiling Cardano price action.

Network Growth Supports ADA Price Action

Beyond ETF speculation, Cardano’s network saw more activity over the last few weeks.

According to data from DeFiLlama, the total value locked in Cardano-based decentralized apps has grown by over $100 Million since late June.

This rise in locked value often indicates a greater adoption of the blockchain’s offerings, such as lending, trading, or liquidity pools.

Meme coin activity on the network also increased, contributing to the daily volume.

This increase in on-chain activity has supported the Cardano price uptrend, particularly as users engage more with ADA-based applications.

While not a guarantee of continued growth, stronger network use often aligns with price increases.

Analysts added that if both network activity and investor interest hold, the $1 price level could come into focus.

For now, traders are watching whether the current move can hold above the $0.80 mark and build further.

Cardano’s recent price breakout and the rise in ETF approval odds have drawn new attention to the project.

With more substantial trading volumes, a key chart pattern in play, and more activity on the blockchain, ADA is billed to gain more momentum.

Market participants believe that the next test may depend on how regulators respond to the current bid for a Cardano spot ETF.