Is Cardano (ADA) Gearing up for a Bull Run? (Analysts Weigh in)

TL;DR

• Cardano (ADA) surged by 5% in the last 24 hours, with analysts pointing to potential factors that could push the valuation even higher.

• Grayscale’s spot ADA ETF filing is under SEC review, and approval odds have jumped to 61% – a green light could drive institutional demand and fuel additional price appreciation.

What’s Next for ADA?

The cryptocurrency sector has gone into green territory in the past several hours, with its market capitalization surging past $2.85 trillion. Bitcoin (BTC) is up 4% for the day, currently trading at around $87,300, whereas Ethereum (ETH) is well above $1,600.

Cardano (ADA) is also among the notable gainers. It soared by 5% in the past 24 hours, reaching $0.64 (per CoinGecko’s data). Its market cap jumped to roughly $23.2 billion, thus flipping Tron (TRX) to become the ninth-biggest cryptocurrency.

Earlier today (April 21), when the asset’s price stood at around $0.62, the popular analyst Ali Martinez said ADA is still consolidating within a specific triangle pattern. He assumed a price escape to the upside could be followed by a 27% upswing. Several hours later, ADA climbed to the aforementioned $0.64, and the X user suggested that the breakout might have started. 

JAVON MARKS touched upon Cardano’s native token, too. The analyst set a breakout target in the $2.70-$2.91 range and argued that a “major leg up” towards these peak levels can be incoming. They based their prediction on the potential formation of a bull flag and the assumption that prices “are coming off of key volume.”

For their part, Crypto Tony told their 520,000 followers on X that they will re-enter ADA’s ecosystem once the valuation surpasses the $0.78 supply zone. However, the analyst opined that reaching that mark “looks pretty dire for now.”

ETF Chances on the Rise

Earlier this year, the world’s leading digital asset manager, Grayscale, filed for a spot Cardano (ADA) exchange-traded fund with the New York Stock Exchange (NYSE). A few weeks later, the US SEC acknowledged the application, marking the beginning of a regulatory review process, after which it should give its final say.

The investment vehicle will allow investors to gain exposure to ADA without having to own or store the actual crypto. Thus, it could enable easy access for institutions and retail investors to hop on the bandwagon. 

The potential launch of the product could boost ADA’s adoption, increase demand, and positively impact the price. In mid-April, the chances of the ETF seeing the light of day before the end of 2025 dropped to as low as 37%. In the past few days, the possibility has significantly increased to the current 61% (according to Polymarket).