Cardano's ADA Price Poised for 300% Surge with ETF Approval

Cardano, a prominent blockchain platform, is currently at the center of speculation regarding its potential price surge. Recent developments suggest that the price of ADA, Cardano's native cryptocurrency, could be on the verge of a significant breakout, potentially reaching $2. This optimism is fueled by several factors, including the possibility of an Exchange-Traded Fund (ETF) approval and long-term accumulation patterns observed in the market.

Grayscale, a leading digital currency asset manager, has filed for a spot Cardano ETF. If approved, this ETF could attract substantial institutional investment, driving ADA's market capitalization beyond $350 billion. Institutional investors, known for their long-term investment strategies, could provide the necessary capital to propel ADA's price to new heights. The approval of an ETF would not only legitimize Cardano in the eyes of traditional financial institutions but also open up new avenues for investment, potentially leading to a surge in demand for ADA.

The current price action of ADA is seen as a period of calm before a potential breakout. Analysts have drawn attention to long-term accumulation patterns, suggesting that the market is quietly building up to a significant price movement. These patterns indicate that investors are steadily acquiring ADA, which could lead to a sudden price increase once the market conditions are favorable. The anticipation of an ETF approval is likely contributing to this accumulation, as investors position themselves to capitalize on the expected surge in demand.

Market analyst CryptoPatel shared a technical chart via TradingView alongside a tweet stating there’s a “90% chance for a Cardano ETF by October 23.” The post hinted that current ADA price action could represent calm before a possible breakout to $2, and drew attention to long-term accumulation patterns. The chart covers ADA/USDT on a bi-weekly timeframe and outlines a multi-year trend channel beginning in 2020. It tracks ADA from its extended bear cycle through the 2021 rally, and maps out projected movements into 2027.

ADA has been trending within a wide ascending channel since its breakout in 2020. The lower boundary of this channel has acted as support across multiple cycles, while the upper trendline has contained price surges. This structure provides a consistent framework for long-term analysis. In late 2020, ADA price broke above a sloping resistance line, which lead to its all-time high. That move marked the beginning of an uptrend within the channel. Since then, price has fluctuated but continued to respect both support and resistance boundaries of the channel.

Between $0.24 and $0.35, a clear support base has formed. ADA price tested this level multiple times from mid-2022 to 2024. The zone overlaps with the channel bottom and is identified as an accumulation area in the chart. ADA current price near $0.5459 suggests a modest rebound from that zone. Recent candles show consolidation, which may suggest accumulation rather than immediate upward momentum.

A key resistance band exists between $1.00 and $1.45. ADA price has failed to close above this range during past rallies. If price approaches this zone again, it may encounter selling pressure. The Cardano chart also outlines a potential breakout path, with targets at $2.00 and $2.89. These align with long-term resistance levels and the upper channel trendline.

CryptoPatel’s tweet tied the possibility of an ETF approval to the current chart setup. The projection indicates a possible staged breakout, with accumulation leading to a long-term move above $2. The combination of technical structure and external catalysts such as ETF news is drawing renewed attention to ADA next potential cycle.

The potential approval of a Cardano ETF is not the only factor driving optimism. The broader cryptocurrency market is also experiencing a wave of innovation and adoption, with various projects and platforms gaining traction. This positive sentiment could spill over to Cardano, further boosting its price. Additionally, the ongoing development and improvement of the Cardano platform, including its smart contract capabilities and interoperability features, are likely to attract more users and developers, further enhancing its value proposition.

However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. While the potential approval of a Cardano ETF and long-term accumulation patterns suggest a bullish outlook, there are no guarantees that ADA's price will reach $2. Investors should approach this speculation with caution and conduct thorough research before making any investment decisions. The approval of an ETF is subject to regulatory scrutiny and market conditions, and there is always a risk that the expected price surge may not materialize.