Cardano Rises 2% to $0.87 Despite ETF Delay, Hints at Institutional Demand
Cardano’s ADA token climbed 2% to $0.87 over the past 24 hours, reflecting a broader recovery in crypto markets. The CoinDesk 20 Index (CD20), tracking the largest digital assets, gained 2.8% during the same period.
The gains come amid two key developments: rising expectations for a September Federal Reserve rate cut and the U.S. Securities and Exchange Commission’s (SEC) extension of its review of Grayscale’s proposed spot Cardano ETF until late October 2025.
ADA traded in a $0.04 range, between $0.83 and $0.88, according to CoinDesk Analytics. The token briefly spiked from $0.84 to $0.88 on trading volumes more than double the 24-hour average of 39.3 million. Following the surge, ADA consolidated around $0.86, with analysts suggesting institutional accumulation may be underway. Resistance was noted at $0.88 and support at $0.85.
The broader crypto market saw choppy action this week. Cryptocurrencies fell Monday as traders locked in profits after a weekend rally fueled by Fed Chair Jerome Powell’s dovish remarks at Jackson Hole, which increased expectations of rate cuts. By Tuesday, altcoins rebounded as investors treated the pullback as a buying opportunity, benefiting from lower interest rates relative to traditional yields.
Despite the SEC’s ETF delay, ADA’s resilience indicates traders are focusing on market momentum and the rotation of capital from Bitcoin into altcoins.
