Cardano's 24.7% Monthly Gain Drives $1 Target

Cardano, a prominent proof-of-stake (PoS) blockchain network, continues its ascent towards the psychological price mark of $1, buoyed by persistent buying support. Market analysts have noted that buyers are actively defending the neckline, a critical support level that, if breached, could signal a bearish trend. According to Arab Crypta, a market analyst, a breakout above $0.86 could propel Cardano towards its target of $1.01. Conversely, a drop below the neckline might indicate bearish control, with the next support level around $0.68.

Ali Martinez, a popular crypto analyst, echoed similar sentiments, suggesting that Cardano's journey to $1 could commence if it breaches major resistance at the $0.81 zone. This optimism is underpinned by Cardano's recent performance, which has seen a 24.7% increase in the past month, reaching $0.74 at the time of writing. Cardano's focus on academic research, scalability, and sustainability has positioned it as a top-ten cryptocurrency, aiming to create an inclusive and transparent financial system with secure decentralized applications (dApps) and smart contracts.

The potential approval of a Cardano exchange-traded fund (ETF) has also gained traction, with the possibility of it going live before the end of 2025 increasing to 63% according to Polymarket data. ETFs offer institutions a blend of strategic flexibility, cost-efficiency, transparency, ease of trading, and liquidity, making a Cardano ETF an attractive prospect. This could trigger heightened institutional interest in Cardano, further bolstering its market position. Additionally, Cardano's user base has expanded rapidly following a partnership with the Brave browser, exposing it to a vast audience of 86 million users.