Cardano (ADA) is consolidating within a tight range this week, hovering near $0.773 — but big moves could be ahead. Traders on Polymarket have boosted the odds of a spot ADA ETF approval by the U.S. SEC to 71%, the highest since April.
The Securities and Exchange Commission faces a key May 29 deadline to decide on the proposed Grayscale Cardano ETF. While history suggests the agency may delay the ruling, bullish bets have continued to rise, hinting at growing optimism within the crypto community.
Despite the hype, Cardano still lags behind its competitors in ecosystem development. It supports only 48 DeFi apps with $443 million in total value locked and a modest $31 million in stablecoins. For comparison, new player Unichain already boasts 27 apps, $568 million in assets, and over $14 billion in DEX volume.
Sonic’s relaunch has also added pressure, showing over 126 live apps and more than $1.63 billion in assets — a stark contrast to Cardano’s decade-long journey. Even Cardano’s latest initiative — integrating with BitcoinOS to enable Bitcoin staking — trails existing solutions like Babylon Protocol and Lombard Finance, which collectively hold over $7 billion.
Still, the technicals are on ADA’s side. A massive megaphone pattern has formed on the weekly chart, a structure known for predicting major price moves. The price also remains above its 100-week moving average, strengthening the bullish thesis.
If momentum builds, ADA could reclaim last year’s high of $1.307 — a 73% surge from current levels. A successful breakout might set the stage for a push toward the critical $2 mark.
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