Cardano (ADA) Surges Past $0.630 as ETF Approval Odds Rise

Cardano (ADA) has broken through a key resistance level at $0.630, signaling a strong bullish reversal amid a broader cryptocurrency market recovery. This breakout, which began on April 21, was marked by a significant increase in trading volume, surpassing 68 million ADA during the breakout candle—a clear indicator of growing investor interest and momentum.

Fueling this rally is growing optimism around Grayscale's proposed spot ADA ETF. Approval odds for the fund have surged to 61%, according to recent analyst estimates. If approved, the ETF could pave the way for substantial institutional inflows, positioning ADA as a major contender for long-term growth in the altcoin space. Institutional interest has long been a driver of sustained price appreciation across top crypto assets, and Cardano may soon join the ranks of Bitcoin and Ethereum in that regard.

Technical indicators support the bullish case. Fibonacci retracement levels suggest ADA could soon test the $0.650 level, with momentum remaining strong. The price action not only confirms a trend reversal but also highlights ADA’s resilience as market sentiment shifts back to risk-on assets.

With increased investor confidence, ETF buzz, and growing on-chain metrics, Cardano’s breakout could be more than a short-term rally. If buying pressure continues, ADA may set its sights on higher resistance levels, potentially reclaiming past highs and further solidifying its position in the top-tier altcoin market.

Investors are advised to monitor trading volume and regulatory developments closely, as both could play a crucial role in determining ADA’s price trajectory in the coming weeks.