Cardano surpasses 1 million transactions in the month – Will the price of ADA soon break the 1 USD mark?

robot
Abstract generation in progress

Cardano (ADA) has fallen from 9th to 10th place in terms of market capitalization at the end of Q3, indicating a poorer performance compared to other Layer-1 blockchains. However, the network continues to operate stably as the level of interaction from both users and developers continues to increase.

Notably, in the past 30 days, the Cardano blockchain has processed over 1 million transactions, marking an important milestone in terms of practical usage.

The $0.90 mark could trigger a new price increase

Stable on-chain activity occurred alongside a nearly 10% increase over the past week, pushing the price of ADA to the 0.875 USD mark before a slight adjustment.

Cryptocurrency analyst Ali Martinez believes that $0.90 is an important threshold to watch. If the price exceeds this mark, ADA could attract more strong buying pressure and open a new upward trend, with a short-term target of $1.10.

In agreement, analyst AV Sebastian discovered a W-shaped technical pattern forming on the ADA chart since October 3rd. This pattern indicates the possibility of the price surpassing the 0.90 USD threshold – a resistance point noted by many experts. He further stated that the next resistance area is around 0.94 USD, and if ADA successfully breaks through, the upward momentum could extend above 1 USD.

Sebastian previously noted that ADA is currently only 17% away from the 1 USD mark and 252% from the historical peak of 3 USD – targets considered feasible during a parabolic growth market phase, when market momentum is strong enough.

Institutional capital flows into Cardano

In addition to technical factors, ADA is also attracting attention from institutional investors. Some spot ETF funds for ADA are in the process of being reviewed for approval.

On October 3, Rex & Osprey, an investment consulting and ETF issuance organization in the U.S., filed a Form N-1A with the U.S. Securities and Exchange Commission (SEC) to register 21 digital asset ETFs, including one fund focused on Cardano (ADA) with staking features.

If approved, these ETF products will help institutional and individual investors access ADA through a regulated financial channel, while increasing liquidity and the visibility of ADA in the market.

Notably, Cardano is also gradually appearing in corporate treasury strategies. Last month, Reliance Global Group, an InsurTech company, announced its first purchase of ADA for its Digital Asset Treasury (DAT) — marking a new step in the application of digital assets in corporate governance.

Vương Tiễn

ADA-1.27%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)