Can Cardano (ADA) Reach $1?

 Cardano (ADA), one of the top ten cryptocurrencies by market cap, has recently shown promising signs of upward momentum. In the past 24 hours, ADA has gained over 6%, with a week-on-week rise of around 26%. The token has finally managed to push through its resistance level near $0.74, sparking new discussions on whether it can reach the $1 milestone.

🐳 Whale Accumulation Strengthens the Bullish Case

A major indicator of ADA’s potential lies in the growing accumulation by large wallet holders—known in the crypto world as “whales.” Wallets holding between 1 million and 10 million ADA have significantly increased their holdings, growing from 33% ownership in January to over 36% by mid-July. In just a few weeks, these whales have added about 120 million ADA to their holdings, which translates to nearly $90 million in value. Importantly, these wallets are holding, not selling—signaling strong confidence in ADA's future.

🧮 Dormant Coin Activity Suggests Low Selling Pressure

Another key metric, the "Spent Coin Age," has declined after a brief spike. This means that even though ADA's price rose, holders didn’t rush to sell, indicating a more stable and optimistic market sentiment. Past patterns have shown that such drops in spent coin activity often support continued upward price movement.

🏦 ETF Approval Odds and Institutional Support

Analysts are now placing a 90% probability on the approval of a U.S.-based spot ETF that could include Cardano. This would open the door for more institutional money to flow into ADA, adding legitimacy and increased demand. Cardano has already caught the attention of major investment firms. Grayscale, for example, recently included ADA in its major crypto funds—placing it behind only Ethereum and Solana in its smart contract portfolio.

📊 Technical Levels to Watch

Currently, ADA is testing important Fibonacci resistance zones. If it can decisively break past $0.77, the next target lies near $1.08. However, a failure to hold above $0.72 could see a short-term pullback toward $0.68.