Cardano price continued its upward momentum on September 9, hitting levels not seen since August. Experts expect the rally to continue in the coming weeks as the deadline for ADA ETF approval approaches.
Key Highlights
- Cardano price could climb up to 20% in the near term
- SEC decision on the ADA ETF is expected in October
- ADA may see increased buying leading up to the approval date
On September 9, Cardano reached $0.90, a 13% increase from its lowest point this year, pushing its market capitalization past $31.7 billion. Daily trading volume surged above $1.7 billion, reflecting strong market interest.
Technical Outlook Shows More Upside
Cardano’s eight-hour chart displays a falling wedge pattern, often signaling a bullish breakout. With the trendlines converging, the coin has already broken above the upper boundary, indicating growing momentum.
If this pattern holds, Cardano price could rise to $1.0640, roughly 21% higher than current levels. However, a drop below the key support at $0.8300 would invalidate this bullish scenario.
ADA ETF Approval Sparks Optimism
The primary driver of the Cardano price rally is the SEC’s upcoming decision on the Grayscale ADA ETF, expected on October 22. Polymarket data shows an 87% likelihood of approval, near the record high of 89%.
Cardano’s solid fundamentals make it attractive to investors. Like Ethereum, it is a proof-of-stake platform supporting decentralized applications. With a $31 billion market cap and strong liquidity, Cardano is poised for gains ahead of the ETF decision, though initial inflows from the ETF may be modest. Market enthusiasm around approval could, however, boost short-term price movements.
