Cardano’s ecosystem is buzzing with activity as on-chain fundamentals and investor sentiment align to create a potential setup for a breakout. Daily transactions on the network have surged by 50,000 to mark a new monthly high. Elaborating on numbers, over the last 24 hours, transaction volume has hit a remarkable $684.6 million.
These strong figures have contributed to ADA’s 8% gain since the start of May. In this price analysis, we talk about what could fuel Cardano’s ADA price and where it could head next in the short term.
Investor optimism is further pushed by the potential approval of a spot ADA ETF. The U.S. Securities and Exchange Commission is all set to announce its decision on May 29, which is tomorrow. And expectations are running high with approval odds at 71% on the prediction platform PolyMarket. A green signal from the SEC could mirror the institutional adoption seen with Bitcoin and Ethereum ETFs, unlocking a new capital inflow for ADA.
Whales seem to be preparing for a post-approval rally, as evidenced by data from Cardano Feed showing $680 million worth of ADA tokens moving off exchanges, a known signal of accumulation and long-term holding intentions.
At the time of press, ADA is trading at $0.7576, down 1.70% in the past 24 hours but up 0.84% over the past week. Market cap currently stands at $26.7 billion, with 24-hour trading volume at approximately $640.67 million.
ADA is facing short-term bearish pressure following a rejection near $0.7756. The price action has been hovering around the 9-period SMA, indicating weak momentum. Immediate support is found around $0.745. A bounce here could lead to $0.7756 and potentially extend to $0.84 if momentum builds post-ETF announcement. Contrarily, ADA could retrace to $0.722 or even deeper.
Read our Cardano (ADA) Price Prediction 2025, 2026-2030 for long term price targets!
A bullish move could push ADA price to $0.7756, which could potentially extend to $0.84. On the downside, it could fall to $0.722.
The price of Cardano ADA today is at $0.7556, with a dip of 1.7% over the past day.
Approval of a spot ADA ETF could ignite a rally similar to those seen after Bitcoin and Ethereum ETF launches.
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