Cardano Price Rallies 16% Amid Grayscale ADA ETF Filing – Bulls Target 60% Gains

Highlights: 

• Cardano soars 16% to $0.80 as trading volume spikes.
• This comes following Grayscale filing for a spot Cardano ETF with NYSE.
• The Cardano ETF proposal aims to provide institutional investors with regulated exposure to ADA.

The Cardano price is on the green today, skyrocketing 16% to $0.80 as Grayscale files for Cardano ETF. Accompanying the noticeable price movement is the trading volume, which has soared 82% to $1.35 billion, signaling intense market activity. ADA is now boasting a 5% rise in a week despite a slight fall of 18% monthly.

Meanwhile, crypto asset manager Grayscale has filed for a spot Cardano ETF with NYSE amid the growing interest in different digital assets. The rising institutional interest in digital assets marks a significant development for regulated exposure. This move provides institutional investors with a new avenue to access Cardano.

🚨 BREAKING NEWS: @Grayscale has filed for a #Cardano $ADA ETF! With over $50B in AUM, this move could open the floodgates for institutional adoption! 🌎 https://t.co/iohye66fZZ pic.twitter.com/CaFJsTDzwG

— Dapp Central (@dapp_central) February 10, 2025

Grayscale’s Cardano ETF application comes when institutional interest in cryptocurrency is expanding. With Cardano (ADA) becoming one of the top-performing assets, this ETF could offer a regulated route for traditional investors to gain ADA exposure.

ADA Statistical Data

Based on CoinmarketCap data:

• ADA price now – $0.79
• Trading volume (24h) – $1.35 billion
• Market cap – $28.1 billion
• Total supply – 44.99 billion
• Circulating supply – 35.19 billion
• ADA ranking – #9

Cardano Price Poised for a Rally to $1.27 Mark

ADA/USD is seen trading in the green at the time of writing as the coin has already crossed above the upper trendline of the falling parallel channel. According to the daily chart, the candle formation follows upward movement but is slightly below the 50-day MA. This positions Cardano’s price toward the south; the closest support level is $0.70.

The Cardano price currently trades below the 50-day at $0.92 but above the 200-day moving average. The $0.92 resistance zone presents a key decision point from a risk perspective. If Cardano fails to breach this level, it risks retracing toward $0.70. However, even a drop to this level would preserve the medium-term uptrend. 

The growing momentum and volume suggest that while a minor pullback may occur, it is more likely to be temporary before a sustained push higher. A breakout above $0.92 could propel ADA toward the next resistance level at $0.98, marking a significant bullish milestone. However, an increase above this mark could trigger intense buying to the resistance levels of $1.02, $1.12, and $1.27. 

Conversely, the Cardano price may hold at the short-term support level of $0.73, the daily low. Therefore, if the Cardano price drops below this support level, it may hit the closest support at $0.68. Meanwhile, the critical supports could be around $0.63 and $0.56 if the selling volume increases.

Technical Indicators Signal Mixed Reactions

A quick look at the RSI at 44.08 suggests neutral-bearish momentum. Its position below the 50-mean level indicates that the Bears still have the reigns. However, the RSI is northbound, so an increased buying appetite might cause the RSI to hurtle above the mean level, potentially to the overbought zone. 

The MACD indicator shows a looming buy signal, which will only be executed once the blue MACD line crosses above the orange signal line. In such a case, traders and investors will buy more ADA tokens. In the meantime, a decisive breakout above the $0.92 mark would invalidate the bearish sentiment, triggering a rally potentially to the $1.27 mark.