The prospects of ADA ETF ignite the market, Cardano price is poised to soar!

The cryptocurrency market is ever-changing, and Cardano (ADA) has recently shone brightly due to the prospects of the ADA ETF, with trading volume and price both soaring, attracting significant market attention.

In terms of trading volume, Cardano's daily trading volume has surged dramatically under the influence of the ADA ETF prospects.

According to TapTools on the X platform, its daily trading volume has increased by 50,000 transactions compared to previous lows.

At the beginning of May, the daily trading volume was less than 30,000 transactions, but it has now risen to set a new monthly high. Moreover, the trading amount in the past day skyrocketed to $684.6 million.

Since early May, indicators surrounding the Cardano network have shown that its price has increased by nearly 8%, and market enthusiasm continues to heat up.

On-chain data is improving, and the fundamentals are also releasing positive signals. Over the past 7 days, the ADA price has risen by 5%.

As the date approaches for the SEC's decision on whether to approve the spot ADA ETF on May 29, market enthusiasm is high, with the PolyMarket platform indicating a 71% chance of approval. If the SEC approves, it is expected to trigger a wave of institutional interest in ADA, similar to the frenzy after the approval of spot Bitcoin and Ethereum ETFs.

Against this backdrop, whales are starting to take action. Cardano Feed data indicates that $680 million worth of ADA tokens have flowed out of exchanges, showing strong bullish sentiment.

Cardano Feed expects the ADA price to break through to $3, its previous peak. Coingape has even boldly predicted that the price could soar six times from the current level to set a new historical high, but it must break through the ascending parallel pattern to reach $4.50.

Additionally, investors are also paying attention to indicators such as core developer activity. Cardano is performing well in this regard, surpassing Ethereum and Solana, indicating continuous growth in network activity.

Experts have begun to envision the possibility of ADA's market capitalization exceeding USDC and the potential impact on Solana's price. The future of Cardano is full of opportunities, and the market is watching closely.

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