Cardano price has emerged as the talk of the crypto town lately, sparking investor optimism despite the recent broader market downturn. Primarily against the backdrop of an ADA ETF buzz and strong on-chain technicals, the coin garners noteworthy bullishness across the crypto landscape. Now, with a top market analyst highlighting a potential $0.83 target looming for the crypto amid recent developments, market watchers speculate if the coin could defy the broader market trend and embark on a rising trajectory ahead.
Can Cardano Hit $0.83? Top Analyst Predicts Sparkling Optimism Amid ETF Filing
Renowned crypto market analyst Ali Martinez has recently posted on X, stating that “Cardano is breaking out, with a potential move toward $0.83 ahead,” given the rising momentum holds. This statement has sparked noteworthy market optimism surrounding the Cardano price’s future performance.
Primarily, as the cryptocurrency sector sees Grayscale forging ahead with its ADA ETF filing, the analyst’s prediction has gained significant traction. Further, CoinGape reported that the asset management giant filed for an ETF with NYSE, keeping up pace with the recent market trends surrounding crypto-backed exchange-traded products.
Can ADA Price Defy Market Downturn?
At the time of reporting, ADA price witnessed a decline of over 1% and is currently trading at $0.7897. The crypto’s 24-hour low and high were $0.7561 and $0.8144, respectively. However, the weekly chart for the Cardano price showed a 2% upswing. This price jump, per the broader time frame chart, already defies the current crypto market slump, especially after the US CPI inflation release.
While Bitcoin and altcoins have lost substantially in recent days, the current ETF-related development appears to have conversely uplifted the coin’s market sentiment.
Strong On-Chain Support Reflects Potential For Gains Ahead
On the other hand, Santiment data underscored growing market support for the asset, adding optimism over a potential Cardano price rally ahead. Data revealed that Cardano’s market cap has recovered by 11% in a day, whereas most cryptocurrencies have retraced.
Moreover, wallets holding at least 1 million tokens have continued accumulating from November 2023 to Feb 2025. These accumulations account for 1.41 billion tokens, worth 2.35% of the entire supply. Overall, this data has underscored sustained and rising market confidence in Cardano, paving a bullish outlook for future movements, further supported by the recent ADA ETF filing.
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