Ethereum News Today: Cardano's Rivalry With Ethereum Heats Up as Midnight Airdrop Drives ADA's Next Move

Cardano’s ecosystem is undergoing a period of heightened activity, driven by both technical developments and strategic initiatives. The launch of Midnight Network’s NIGHT token airdrop marks a significant milestone for the platform, with the multi-chain distribution targeting over 30 million wallets across eight major blockchains. Cardano holders are receiving 50% of the NIGHT supply, making them the largest group among the eligible participants. The airdrop, which began on August 5, offers a 60-day window for claimants, with the tokens unlocking gradually over a 360-day schedule. This approach emphasizes long-term token distribution and community engagement. The eligibility criteria were based on a July 11 snapshot of wallets holding at least $100 in native assets across networks such as Bitcoin, Ethereum, and Solana. This large-scale airdrop aims to onboard a broad user base and promote the decentralized finance (DeFi) and privacy-focused applications on the Cardano blockchain.

Simultaneously, ADA price is showing signs of consolidation and potential breakout. The token has held above key support levels in the $0.78 to $0.82 range, with technical analysts suggesting that a breakout above $0.88 could signal a path toward $1.00 to $1.20. Analysts such as Deezy and Ali Martinez have noted that ADA’s resilience amid broader market uncertainty highlights strong accumulation phases. The ascending channel pattern on the charts indicates that as long as ADA remains above mid-line support, the bullish trend remains intact. A close above $0.88 would shift momentum to the upside, unlocking a potential trajectory toward $1.20. Furthermore, the ADA/BTC pair is in the early phase of its long-term cycle, with EWT identifying the current price as being near the lower boundary of a multi-year converging triangle. This setup suggests that holding the lower channel could lead to a gradual climb toward mid- and upper-channel resistance over time.

On-chain metrics also indicate growing momentum. TapTools reported over $5.3 billion in on-chain volume for ADA in the past seven days, with approximately $1.2 billion in open interest and 30% of the supply concentrated in top holders. These figures suggest strong network activity and whale participation, which could influence future price action. The rising number of active addresses and liquidity further supports the idea that ADA’s recent consolidation is backed by fundamental strength. As on-chain volume increases, it often correlates with price expansion, particularly in a market environment that favors long-term accumulation strategies.

The potential for an ADA ETF in 2025 has also gained traction, adding another dimension to the price outlook. According to Polymarket data shared by TapTools, there is an 87% probability of a Cardano ETF approval by year-end. This high confidence reflects growing institutional interest in ADA as a long-term asset. If approved, an ADA ETF could serve as a major catalyst for adoption and price appreciation, particularly if it aligns with continued on-chain activity and network development.

Cardano’s founder, Charles Hoskinson, has been vocal about the project’s ambitions in the context of its rivalry with Ethereum. In a recent AMA session, Hoskinson expressed a clear preference for Cardano’s success over Ethereum’s, emphasizing the importance of building a robust and scalable ecosystem. The upcoming Glacier update is expected to introduce key upgrades such as the Hydra protocol and the Midnight token, which could enhance Cardano’s DeFi capabilities and drive user adoption. Despite Ethereum’s dominance in total value locked (TVL) and transaction volume, Hoskinson remains optimistic about Cardano’s long-term prospects, particularly as it addresses past challenges and refines its development tools.

ADA’s price action in recent days has been bearish, with the token falling below the 50-day EMA at $0.8126 and showing signs of further downward pressure. However, the recent price stabilization and the potential for a breakout remain focal points for market participants. With both technical and on-chain indicators pointing to accumulation and potential upside, the coming months will be critical in determining whether Cardano can capitalize on its strategic initiatives and technical momentum to challenge Ethereum’s position in the smart contract and DeFi space.

Source:

[1] Cardano Price Prediction: Can ADA Break Past $0.88 Resistance and Trigger a Q4 Rally (https://bravenewcoin.com/insights/cardano-price-prediction-can-ada-break-past-0-88-resistance-and-trigger-a-q4-rally)

[2] Cardano’s Midnight Airdrop Is Live: NIGHT Tokens Up for Grabs Across 8 Chains (https://cryptorank.io/news/feed/dbf9b-cardano-midnight-network-airdrop-claim-night)

[3] Cardano vs Ethereum - Key Differences and Similarities (https://www.tokenmetrics.com/blog/cardano-vs-ethereum)

[4] Cardano founder intensifies rivalry with Ethereum amid ADA's bearish streak (https://www.fxstreet.com/cryptocurrencies/news/cardano-founder-intensifies-rivalry-with-ethereum-amid-adas-bearish-streak-202509010520)

[5] Charles Hoskinson Breaks Silence on Ethereum Rivalry (https://finance.yahoo.com/news/cardano-win-charles-hoskinson-breaks-131354178.html)