Cardano Drops 0.65% Amid ETF Approval Hopes, Market Resilience

Cardano's latest price was $0.6859, down 0.647% in the last 24 hours. The cryptocurrency has been showing resilience in the market, maintaining a stable range despite broader market volatility. The price remains comfortably above the $0.58 support level, which has historically triggered rebounds. While there has been a modest pullback in the past week, the Relative Strength Index (RSI) hovering in the neutral zone suggests there is still room for a bullish reversal. With a solid technical foundation and a loyal developer ecosystem, Cardano remains one of the top altcoins to watch for a breakout this quarter.

Cardano's strength is further highlighted by the potential approval of a Cardano-based ETF by regulators in the near term. According to recent data from the leading cryptocurrency prediction market platform Polymarket, users predict a 71% chance that the U.S. Securities and Exchange Commission (SEC) will approve a Cardano ETF. This development comes as the market awaits the SEC’s decision, with the approval deadline drawing closer. Grayscale filed for an application with the U.S. SEC in February, and if approved, the investment firm will become the first to offer an ETF to track the price of ADA, the native token of Cardano. The integration of ETFs has previously resulted in a massive price increase for the assets involved, and market players expect no different for ADA, as they maintain optimism that the ETF approval could catapult ADA to new heights.

Cardano's resilience and longevity in the market have been defended by prominent community member Cardano Whale. He argued that ADA’s sustained top 10 position since 2017 shows genuine market resilience rarely matched by newer projects. Only Bitcoin, Ethereum, and XRP share similar longevity records in the top 10, which positions ADA among cryptocurrency’s most enduring projects. Cardano Whale emphasized that Cardano trades on genuine supply and demand dynamics, with the majority of coins being publicly available since their inception. This organic distribution model contrasts sharply with venture capital-funded projects that maintain high valuations through limited token release schedules and artificial market maker demand. The analysis suggests this creates more sustainable price discovery for Cardano compared to projects with heavily manipulated tokenomics.

Cardano Whale’s response challenges the “new is always better” mentality pervading cryptocurrency markets. He argues this mindset guides investors in the wrong direction. With top 10 market caps now starting at around $20 billion, new projects face increasingly difficult barriers to entry, despite attempts at manipulation. The analysis draws parallels to Bitcoin’s appreciation over time, suggesting that projects surviving multiple market cycles become increasingly valuable as they show staying power. Cardano Whale also predicted that UTxO-based decentralized finance would be a key catalyst for future growth, positioning Cardano as the largest decentralized self-governed blockchain. Unlike centralized chains or those controlled by venture capital interests, Cardano’s governance structure allows genuine community participation in decision-making.