Cardano price gains follow a repeating falling wedge pattern that historically triggered sharp rallies, now targeting $2.90 after a recent breakout.
Polymarket data shows ADA ETF approval odds jumping from 59% to 71% after Trump’s executive order supporting crypto in US retirement plans.
July’s 58% ADA surge signals strong momentum, with analysts projecting further gains driven by technical patterns and rising institutional adoption prospects.
Cardano’s price advanced today alongside the wider cryptocurrency market, fueled by rising optimism over potential ETF approval and a bullish chart pattern.
Analyst Javon Marks highlighted that ADA is repeating a price structure seen in past rallies. The pattern involves a falling wedge followed by a breakout. Similar movements in 2023 and late 2024 led to sharp price gains.
In 2023, Cardano broke out from a falling wedge and rallied significantly. A similar setup occurred in late 2024, when ADA jumped from $0.33 to $1.24 within weeks.
The token gained more than 58% in July, breaking past its recent consolidation.
Marks expects this move to extend toward $1.20 before potentially reaching $2.90, representing a 261% increase from current levels.
ETF Approval Odds Rise Following Trump’s Order
Bullish sentiment intensified after data from Polymarket showed odds for a spot Cardano ETF approval rising to 71%, up from 59% earlier this week.
The increase followed President Trump’s signing of an executive order aimed at integrating cryptocurrencies into US 401(k) retirement plans. This move has lifted expectations that the SEC may approve new spot crypto ETFs, including for Cardano.
The executive order has been viewed as supportive of digital assets, particularly those developed or widely used in the United States. Analysts believe the policy shift strengthens the case for wider institutional adoption.
Cardano’s recent price performance reflects both technical and policy-driven catalysts. As market optimism builds, traders are watching closely for confirmation of the ETF approval.
