Cardano (ADA) is holding steady as it clings to a crucial support level, with founder Charles Hoskinson making bold claims about the cryptocurrency’s potential to “break the internet.” As of today, ADA is trading at $0.89, slightly down from earlier highs, yet showing resilience in the face of market fluctuations.
ADA’s Resilience Amid Market Fluctuations
In recent months, Cardano has been navigating choppy waters. The altcoin has been oscillating between $0.72 and $0.96 since July, even reaching a local high of $1.01 last month. Despite a recent 4% dip following a market rally on Thursday, ADA has managed to hold the $0.85-$0.90 zone as a support level. This stability comes as the altcoin attempts to consolidate around this price range.
Analyst Sebastian has emphasized the importance of ADA setting a new higher high to avoid forming a head and shoulders pattern, which could lead to a more significant retrace. Cardano has been trading above an ascending support trendline since early August, with the price bouncing off this key level twice in September. As long as ADA maintains above this trendline, the outlook remains bullish.
Breaking Out of Resistance
Market analyst Altcoin Gordon highlighted ADA’s recent breakout from a multi-month descending resistance. This development, combined with reclaiming the $0.85 level, has fostered optimism about potential upward momentum. According to Gordon, if ADA continues to hold above this level, there could be a “HUGE move to the upside” on the horizon.
Meanwhile, another analyst, Crypto Kid, speculates that the fourth quarter could see Cardano repeating its 2024 end-of-year performance. Last year, ADA broke out of a nine-month downtrend in November, rallying 270% to a three-year high of $1.32. With similar price action observed this year, there is hope that ADA could follow a similar trajectory in the coming months.
The Role of ETFs in ADA’s Future
Amidst the technical analyses and forecasts, Charles Hoskinson’s ambitious claims about Cardano’s future have also caught the community’s attention. While details are scarce, the growing momentum of crypto-based Exchange-Traded Funds (ETFs) could play a significant role in ADA’s potential rally.
On Friday, Grayscale Investments launched its Grayscale CoinDesk Crypto 5 ETF (GDLC), marking the first multi-asset crypto ETF in the United States. This investment product includes Cardano among the five largest cryptocurrencies by market capitalization, alongside Bitcoin, Ether, XRP, and Solana. The recent approval of this ETF by the Securities and Exchange Commission (SEC) has fueled speculation about the likelihood of a spot ADA ETF approval.
Data from Polymarket, a prediction platform, indicates that the chances of SEC approval for a spot Cardano ETF in 2025 have surged from 79% to 91% in just a few days. The regulatory agency is set to make a final decision on Grayscale’s spot Cardano ETF by October 26, 2025. Many in the community are hopeful that a series of spot crypto-based ETF approvals could ignite a “spicy end-of-year” for altcoins, including ADA.
A Pivotal Moment for Cardano
As Cardano stands at a pivotal moment, its ability to sustain the $0.85-$0.90 support zone will be crucial in determining its near-term trajectory. The combination of technical factors, market sentiment, and potential ETF developments continues to shape the conversation around ADA’s future.
While some analysts remain cautious, emphasizing the need for ADA to establish new highs, others are optimistic about the altcoin’s potential for a significant rally. The anticipation of an ETF approval, coupled with Cardano’s recent breakout from resistance, could serve as a catalyst for renewed interest and investment in the cryptocurrency.
As the cryptocurrency market evolves, all eyes will be on Cardano and its ability to capitalize on these opportunities. Whether or not ADA will indeed “break the internet” remains to be seen, but the coming months promise to be a defining period for this ambitious altcoin.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
