ADA Price Stagnates as ETF Speculation Grows – Is This the Calm Before the Storm?
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The ADA price has risen by 2.5% in the past 24 hours, with its move to $0.7982 coming as the crypto market drops by 2% today.
ADA has now gained by 13% in a week and by 15% in the past fortnight, yet the altcoin – the ninth-biggest in the market – remains down by 25% in the past month, amid tariff worries and a surprise rise in US inflation.
But with the coin holding on to a 36% increase in the past year, it still looks good over the long-term, with speculation mounting that an ADA ETF will gain approval in the very near future.
In fact, Grayscale’s application for a Cardano ETF last week has boosted the excitement surrounding ADA, helping to explain its outperformance of the market today and also promising very good things for the coming weeks.
ADA Price Stagnates as ETF Speculation Grows – Is This the Calm Before the Storm?
ADA’s impressive weekly gain is almost exclusively the product of Grayscale’s application for a Cardano ETF, which the asset manager would list on the New York Stock Exchange under the GADA ticker.
Grayscale has completed a 19b-4 filing, the first step in the application process, so it remains early days, yet some ADA fans are already getting excited.
And based on ADA’s performance over the past seven days, it would seem that the wider market is also excited, even if the alt has declined from the seven-day high it hit on Friday.
Its four-hour chart today shows that it retains some increasingly strong momentum, with its indicators still in a bullish position.
For instance, its relative strength index (purple) has risen back above 50 today, after declining from 75 early last week.
It’s arguably even more bullish that its 30-period average (orange) is still rising towards its 200-period (blue) and may be close to a very promising golden cross.
If it forms a golden cross, we could see ADA make a strong breakout, with some analysts suggesting that $0.84 may be a key level that could send the coin into price discovery mode.
And given that the alt is still 74% down on its 2021 ATH of $3.09, now could be the last chance to buy it before it becomes significantly more expensive.
There’s certainly an argument to say that Cardano’s fundamentals point to a much higher price, at least in the longer term.
Its network has seen its total value rise by 90% since the beginning of November, to $379 million.
It has also seen important metrics such as transaction volume and active wallets increase considerably since the fall.
As such, we could see the ADA price reach $1 by H2, and $2 by Q4.
New High-Potential Altcoins
Since ADA has been a slow burner in recent months (and years), some traders may prefer to focus on newer alts, which can often display stronger positive volatility.
Of course, there are thousands and thousands of new coins in the market right now, which can make picking a winner very difficult.
However, one way of narrowing down the field is to focus on presale tokens, with the biggest raises often leading to the biggest listing rallies.
One very promising new coin in this regard is the Solana-based layer-two platform Solaxy (SOLX), which has now raised $21.7 million in its ICO.
As Solana’s first L2 network, Solaxy will deliver ultra-fast transactions and very low fees, addressing Solana’s ongoing issues with delays and dropped transactions.
Solaxy will also offer instant bridging between itself and Solana, while compatibility with other networks will follow in the weeks following its launch.
It’s aiming to become a popular platform for meme tokens, which continue to be one of the biggest fixtures in crypto, especially on Solana.
What’s also bullish is that it already has 679000 followers on X, an encouraging sign of its future growth and popularity.
Investors can join its sale by visiting Solaxy’s official website and connecting a supported wallet, such as Best Wallet or MetaMask.
It’s currently selling at $0.001638, but this will rise in just over a day, so new investors should act quickly.
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