Three Factors That Could Boost Cardano Price by 70%
By Crispus Nyaga, April 27, 2025
Cardano’s market performance has recently shown signs of fluctuation, with its price retreating for three consecutive days after a significant surge last week. As of Sunday, the price of Cardano (ADA) dipped to $0.70, retreating from a year-to-date high of $0.747. Despite this pullback, experts identify three key factors that could lead to a surge in ADA price by as much as 70%, potentially pushing it towards the critical resistance level of $1.176 in the coming weeks.
1. Increased Whale Accumulation
One of the primary drivers of potential price appreciation is the increasing accumulation of Cardano by large investors, commonly referred to as "whales." According to recent data from Santiment, addresses that hold between 10 million and 100 million ADA now account for approximately 35.5% of the total circulating supply, an increase from 33% in January. Furthermore, holders with between 1 million and 10 million ADA have increased to 15.83%, signaling that these significant players in the market may expect future gains.
Historically, large-scale accumulation by whales has been viewed as a bullish indicator, often reflecting confidence in the asset’s subsequent value appreciation rather than selling pressure.
2. Rising Odds for a Spot ETF Approval
Another promising factor for Cardano’s price enhancement is the growing likelihood of a spot ADA Exchange-Traded Fund (ETF) being approved. The recent confirmation of Paul Atkins as the Chair of the Securities and Exchange Commission (SEC) has heightened expectations among investors. Current odds for ETF approval have risen to 55%, according to Polymarket, with over 70 crypto-related ETFs currently under review.
Such approval would have significant implications for Cardano, not only potentially increasing market demand but also paving the way for tokens that feature staking capabilities, allowing ETF investors to earn returns. Co-founder Charles Hoskinson has further indicated plans to integrate Bitcoin (BTC) staking into the Cardano ecosystem via its sidechains, including Midnight and Midgard, which promise enhanced transaction privacy and security.
3. Technical Patterns Suggesting Future Growth
Beyond market sentiment and institutional interest, technical analysis reveals that Cardano has formed a double-bottom pattern at the $0.510 level. This pattern is often interpreted as a bullish signal, indicating that short-sellers may be hesitant to place bets below this critical price. The neckline of the double bottom sits at $1.176, representing Cardano’s highest level reached earlier this month.
Additionally, the price is hovering close to the 61.8% Fibonacci Retracement level, known as the golden ratio, where investors have seen rebounds in the past. As Cardano also forms a bullish flag pattern, analysts predict that these technical indicators could lead to a breakout, driving prices higher toward the targeted neckline of $1.17, which is about 70% above current levels.
Conclusion
The combination of increased accumulation by whales, the rising probability of a spot ADA ETF approval, and favorable technical patterns provide a compelling case for optimism regarding Cardano’s price. Investors are closely monitoring these developments as they could significantly impact the future trajectory of ADA in the cryptocurrency market. With Cardano’s potential to move towards the $1.176 resistance level, market participants may find themselves at a critical juncture for making investment decisions regarding this prominent cryptocurrency.