Cardano Price Could Surge as ADA ETF Odds Jump Ahead of Grayscale Deadline
Cardano (ADA) price shows signs of a potential price breakout as the odds of a spot Cardano exchange-traded fund (ETF) gaining approval from the U.S. Securities and Exchange Commission (SEC) have risen. Cardano price remains in a tight range this week as the odds of exchange-traded funds approval by the Securities and Exchange Commission rose ahead of a crucial deadline. Now, ADA eyes a breakout as ETF approval odds surge to 71% and price action tightens ahead of the SEC's final decision.
Grayscale's Cardano ETF Filing Fuels Optimism
Grayscale files for the first-ever Cardano ETF, targeting institutional investors. This has sparked a surge in ADA ETF optimism, with approval odds rising significantly. Grayscale's Cardano accumulation sparks a surge in ADA ETF optimism, with approval odds rising from 20% to 70%. The market is reacting positively, with Cardano's price surges by 9.1%, signaling growing market optimism. Grayscale's Cardano ETF could provide regulated ADA access for U.S. investors.
ADA Price Action and Key Levels
Cardano (ADA) was trading at $0.773 on Tuesday, slightly above this month’s low of $0.508. It remains about 50% below its year-to-date high. The ADA price surged on Feb. 11 after news of a Grayscale ETF filing. However, ADA must still reclaim the $0.85 resistance area to confirm its bullish trend reversal. If it does, a breakout from its parallel channel will become more likely, possibly triggering an increase. ADA Cardano price is trading just under $0.80 as it enters a major decision zone. The price of ADA is exchanging hands at $0.7703 above the 50-day and 200-day golden crosses. Cardano (ADA) has been showing cautious price action this week, trading within a narrow range.
SEC Deadline Looms, Analyst Confidence Grows
The optimism for the rise is due to the rising odds that a Cardano ETF has hit an all-time high. This rise is ahead of the Grayscale’s ADA ETF SEC upcoming approval deadline, which is on May 29th, 2025. The U.S. Securities and Exchange Commission’s (SEC) decision on the Grayscale Cardano ETF is looming, and investors and traders are watching closely, hopeful for a breakout that could push ADA above the $1 mark. Eric Balchunas, ETF analyst at Bloomberg, has expressed even higher confidence, suggesting there’s a 75% chance the ETF will launch this year. He also indicated the SEC might approve several crypto ETFs as early as this summer. The SEC has up to 240 days to review Grayscale’s spot ADA ETF filing, with the final deadline set for October 22.
Institutional Interest and Key Indicators
Grayscale’s Cardano ETF filing boosts approval chances, driving institutional interest. Cardano's daily transactions have doubled since early May, surpassing 50,000. Polymarket odds for a spot ADA ETF approval have climbed to 71% ahead of the May 29 SEC decision.