"ADA & OFT: Double Crypto Rally Ahead, ETF Approval Imminent"

Cardano (ADA) and 1Fuel (OFT) are two cryptocurrency projects that have been making waves in the current market cycle. While Cardano is expected to experience a strong rally with a potential 10x gain, analysts have also pointed out the possibility of another major rally with 1Fuel, which could benefit ADA.

Analysts predict that a Cardano boom will be driven by a combination of strong fundamentals attached to the Layer 1 token and its movement on the technical front. Currently, ADA is trading within an ascending triangle pattern, which forms when diagonal support and resistance converge. This pattern, which has formed on the 3-day chart, shows a potential for ADA to rally toward $1.78, representing a 123.44% gain from its current price point of $0.780.

At the time of writing, ADA is about to take its first move toward the predicted market rally, as it trades off the support level of the ascending channel and the support level marked by the Fibonacci retracement line of 0.618. If sufficient buy orders are retained at this level, ADA could establish its move upward.

On the fundamental side, Cardano is now a step closer to having the proposed ADA exchange-traded fund (ETF) approved in the U.S. An exchange-traded fund provides an opportunity for traditional investors to get into crypto. According to reports, the 19b-4 filing for the spot ADA ETF is set to receive potential approval as early as February 24.

Analysts believe the launch of 1Fuel's cryptocurrency wallet will likely impact ADA's forecasted 10x rally. However, 1Fuel itself is expected to attract significant market liquidity, reaching up to a $200 million market capitalization post-launch.

1Fuel is expected to see a major liquidity inflow, as predicted by analysts, driven by its unique technology. Analysts believe that through this technology, ADA would also benefit. 1Fuel's standout feature is its cryptocurrency wallet, which hosts several innovations that set it apart. Its peer-to-peer exchange offers a new approach to token transactions, enabling frictionless transfers at minimal cost. Additionally, 1Fuel's crypto virtual cards provide seamless online and physical payments.