Optimism around a potential Cardano exchange-traded fund sparks a double-digit rally — analysts eye $2.90 long term.
Cardano (ADA) has exceeded the significant $1 threshold, increasing by 19% in the last 24 hours according to CoinMarketCap data. In the past week, the cryptocurrency has experienced approximately 35% gains, driven by Bitcoin’s new all-time high and heightened enthusiasm regarding a potential spot ETF for Cardano. Some analysts suggest that this breakout may merely be the beginning, with short-term targets established at $1.20 and long-term forecasts reaching as high as $2.90.
ETF Filing Propels ADA Higher
The rally received a significant boost on August 12, when Grayscale, one of the largest digital asset management firms globally, submitted a filing for a spot Cardano exchange-traded fund (ETF) in Delaware. This action mirrors the strategy the firm employed with its Bitcoin product, which gained regulatory approval in 2024 and subsequently drew billions in inflows. Numerous traders are now wagering on a similar outcome for ADA — anticipating a surge of institutional and retail demand once the ETF is launched.
Source: CoinMarketCap
Additional Momentum from the Midnight Sidechain Airdrop
Just two weeks prior, Cardano had already begun to capture investor interest due to the Glacier Drop airdrop associated with the blockchain’s privacy-oriented Midnight sidechain. During the Consensus 2025 conference — a significant global blockchain event — Cardano founder Charles Hoskinson revealed that this would be the largest airdrop in the project’s history. For ADA holders, the arrangement is particularly advantageous: they will receive 50% of all NIGHT tokens distributed through this airdrop, further encouraging long-term holding.
Source: VRITIMES
$1.20: The Upcoming Psychological Barrier
According to market analysts, $1.20 is currently recognized as a significant short-term resistance level — both from a psychological and technical perspective. A definitive breakthrough above this range could validate the ongoing bullish trend and pave the way for additional gains. The long-term price objective, derived from chart patterns that began to emerge in 2023, is approximately $2.90. Achieving this target would signify a 200% increase from present levels. Analysts note that ADA has historically exhibited similar accumulation trends prior to substantial rallies.
$ADA CLIMBING MAJORLY!
— JAVON⚡️MARKS (@JavonTM1) August 14, 2025
Sights remain on $1.20+ coming in for Cardano before a continuation towards the larger target at $2.90 which is currently about +200% away... https://t.co/PbMfC6uhsi pic.twitter.com/fcPgUzc9IX
Exercise Caution
Despite the prevailing optimism, no forecast is assured. Historical performance does not guarantee future outcomes, and the cryptocurrency markets continue to be extremely volatile.
Nevertheless, with ETF speculation, a significant airdrop, and enhancing market sentiment, Cardano seems to be entering a phase of renewed momentum — and investors are observing closely.