The Cardano price chart signals a bullish flag pattern, with Fibonacci extension levels at $4.80 and $7.70.
Speculation is growing about a potential Cardano ETF filing, which could push ADA to $3, following similar developments with XRP and Solana.
The Cardano (ADA) price has been experiencing a massive rally, surging another 18% in the last 24 hours, moving all the way to $1.26, with a market cap of $44.3 billion. Furthermore, the daily trading volume has surged by 61%, shooting past $6.38 billion, showing that there’s a huge bullish sentiment among investors.
Cardano is one of the top contributors to the altcoin market along with XRP. Over the past week, the ADA price is up by 40% while it has gained more than 275% on the monthly chart. Market analyst Javon Marks highlighted Cardano’s strong momentum while forecasting the next ADA price target to $2.77. This shows that the altcoin is ready for another 100% price gain from here.
However, the market analyst doesn’t believe that ADA would top at $2.7. Drawing comparisons to the 2021 bull run, Marks suggested Cardano could potentially surge to $5.296 or even $7.82. Another prominent expert, Lark Davis, went further, predicting a massive 747% jump for ADA, reaching $10, as reported by CNF.
The Cardano price rally comes amid renewed interest in the broader crypto market, as the Bitcoin price makes an attempt to breach the $100K resistance. The recent U.S. presidential election has also amplified hopes for pro-crypto policies, further boosting market sentiment, as reported by CNF.
Crypto Market Analysts Expect A Cardano ETF Filing
The Cardano price chart shows a bullish flag pattern, signaling a potential 50% rally ahead. Moreover, the key Fibonacci extension levels at $4.80 and $7.70 mark significant milestones. Veteran market analyst Tyler Burke forecasts ADA could reach $3.50 by January, potentially paving the way for a broader rally.
Furthermore, there’s a growing demand for a spot Cardano ETF filing amid the recent surge. Dan Gambardello, founder of Crypto Capital Venture, predicts Cardano (ADA) could rapidly climb to $3 if it secures exchange-traded fund (ETF) approval, similar to XRP.
In a recent post on X, Gambardello highlighted the numerous positive developments within the Cardano ecosystem. Although several asset managers have filed for different crypto ETFs for altcoins like Solana, XRP, and even HBAR, there’s no such filing for ADA at this point.
Cardano has a lot going for it right now.
But on top of it all, if Cardano has similar ETF news as $XRP, please take note how fast $ADA hits $3.
— Dan Gambardello (@cryptorecruitr) December 2, 2024
Furthermore, in his latest post on the X platform, Cardano founder Charles Hoskinson shared a major milestone from the recent Hydra Doom testing, which features the community.
The Cardano developer team recently conducted a load test for the Hydra Head protocol before the planned gaming tournament that would test the network’s limits. The Hydra Head protocol, developed by Input Output Global, aims to further enhance its scalability and throughput.
During the testing, Cardano achieved an impressive 134,464 transactions per second (TPS), a significant leap from the usual 257 TPS recorded in regular transactions. The upcoming tournament, featuring the game Doom, is set to showcase the protocol’s capabilities.
Not bad Cardano. #HailHydrapic.twitter.com/eizTRjc9Ii
— Charles Hoskinson (@IOHK_Charles) December 3, 2024