- Crypto analyst Javon Marks believes Cardano may be setting up for a significant move, potentially a 666% surge from its current price of $0.5548.
- Meanwhile, optimism around an ADA ETF is gaining momentum rapidly, with the odds of approval now standing at 76%, indicating that more investors are becoming increasingly excited.
Cardano (ADA) is currently trading at $0.5558. While the token has taken a 4.34% dip in the last 24 hours and is down 7.04% over the past week, the mood among traders remains optimistic.
Investors have not taken a step back. In fact, many are treating the dip as a chance to buy in, which has led to a 12.7% spike in trading volume, even as Cardano’s overall market cap has slid by about 5%.
On X, analyst Javon Marks highlighted ADA’s potential, saying, “Using $ADA (Cardano)’s previous bull cycle as a guide for this one, prices could be setting up for another move to and above its 1.272 Fibonacci Level, which is currently at the ~$5.35 Price Point!” If that scenario plays out, it would represent an impressive upside of nearly +666% from the current price. Marks had also previously hinted at this possibility, reinforcing his belief that ADA is on track to reach $5 soon.
CoinGlass data shows us that while open interest in ADA, that’s the total value of outstanding futures contracts, dipped by a modest 3.92% to $703.49 million, the options market took a big hit, volume there dropped by a steep 92.94% to just $6.59K.
Still, the overall sentiment heading into July remains bullish. CoinCodex, for instance, is projecting ADA could trade between $0.72 and $0.84 over the next month, with an average price around $0.79. If that happens, we could be looking at a gain of over 52% from today’s levels.
Cardano Market Snapshot
Midnight Network is preparing to launch its Glacier airdrop campaign. It is known for using zero-knowledge cryptography to prove facts without revealing any sensitive information. Part of its plan is to reward its community while spotlighting its commitment to secure and private data sharing.
As we discussed earlier, the network is currently live on testnet, with plans to launch its mainnet 90 days after the Glacier Drop concludes.
Midnight will distribute its utility token, NIGHT, to users holding Cardano, Bitcoin (BTC), and Ethereum (ETH) during the airdrop. The network will release 100% of its NIGHT token supply in the first phase of the campaign. According to Midnight’s whitepaper, ADA holders will receive 50% of the total 24 billion NIGHT tokens, highlighting the project’s deep ties to the Cardano ecosystem.
We mentioned in our previous news brief that Coinbase has launched cbADA, a wrapped version of Cardano’s native token, on the Ethereum Layer 2 network, Base.
What does that mean in plain terms? ADA holders now have a bridge to tap into major DeFi protocols like Uniswap, PancakeSwap, and Aerodrome. Each cbADA token is backed 1:1 by actual ADA stored in Coinbase custody, with transparent reserves to back it all up.
Optimism around a potential Cardano ETF has surged. According to CNF, the odds of a Cardano spot ETF approval in 2025 have climbed to 79%, the highest level ever recorded on the platform.
This surge in optimism shows that more investors are starting to believe the U.S. Securities and Exchange Commission (SEC) could finally give the green light. That level of confidence suggests that investors are sensing a regulatory thaw, especially with Paul Atkins now at the helm of the SEC.
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