At the start of the year, Cardano was one of a short list of cryptocurrencies that had the opportunity to skyrocket in value this year. Although the market has stagnated, that potential is once again emerging. Indeed, Cardano has seen the odds for an ADA ETF reach a height of 75% as the path to hit $1 has become ever clearer.
The cryptocurrency broke through the $0.7 level to start May in a key bounce back from April. Still, the crypto market as a whole is facing increased uncertainty amid macroeconomic factors. If things continue to turn around, it could be one of the biggest winners of Q2.
Also Read: Cardano Set for Massive Rally as Elliott Wave 5 Targets $14 Milestone
ADA ETF Gets Increased Approval Odds: Can It Push Cardano to $1?
In 2024, crypto-based ETFs were the talk of the industry. The investment vehicle opened a new door toward greater exposure for the asset class, with Bitcoin and Ethereum receiving approval. Indeed, $11 trillion asset manager BlackRock’s iShares Bitcoin Trust (IBIT) had performed so well that it was called the greatest ETF launch in history.
Now, all eyes are on what cryptocurrency can join them. Indeed, the US Securities and Exchange Commission (SEC) has enjoyed a major pro-crypto shift. Therefore, approvals are all but assured to take place this year. One asset that is front and center is Cardano, as an ADA ETF has seen its approval odds jump 75%, with the asset now targeting the $1 level.
Would love to hear directly from Atkins, but all good chance of happening. Here’s our latest odds of approval for all the dif spot ETFs via @JSeyff https://t.co/nLhYJJmO9U pic.twitter.com/4AcJVwhics
— Eric Balchunas (@EricBalchunas) April 30, 2025
Also Read: Cardano Whales Snatch Up 420M ADA as Price Could Turn
In a recent post to X (formerly Twitter), Bloomberg’s Eric Balchunas updated his approval odds for a host of crypto-based ETFs. The list included assets like Solana (SOL), Ripple (XRP), and Cardano (ADA). With the increased odds for the latter, all signs point to an incoming surge for the token.
The question is, just how high can it go? There are many who expect it to challenge the $1 level in the coming months. According to its daily chart, ADA recently completed an inverse head and shoulders pattern. Moreover, it also broke out of a falling wedge, restesting its upper trendline. With notable momentum, the asset is expected to challenge $0.81 before jumping further toward the $1.17 level.