• Cardano (ADA) gains momentum toward a $1 target following Grayscale’s Cardano ETF filing.
• ADA hovers near a key support level, historically triggering strong rebounds and potential upward moves.
• Positive funding rates show bullish sentiment, despite minor declines in derivatives volume and open interest.

Cardano (ADA) continues to show steady growth following Grayscale’s filing for a Cardano ETF. The cryptocurrency is approaching a key support level that has historically triggered strong rebounds, indicating the potential for an upward move in the near term.

At the time of writing, Cardano is trading at $0.8298, with a daily trading volume of $2.38 billion and a market capitalization of $29.76 billion. Over the past 24 hours, ADA has experienced a modest 0.52% increase, reflecting cautious optimism among investors.

Cardano ETF Gains Attention as Grayscale Files S-1 Form

The Cardano community noticed important changes over the past week. Crypto analyst Sssebi highlighted that Grayscale legally submitted an S-1 form for its Cardano ETF. The development raises the pertinent question of how long it will take before the ETF is launched to the public.

Cardano Near Key Support as ADA Eyes Rally

Adding to the optimism, technical analyst RJT. WAGMI pointed to a key technical level for ADA. Previously, whenever ADA hit that yellow line in the chart below, it rebounded with enthusiasm. Today, ADA is fluctuating near that very line, and investors are betting it will spike higher again.

If history is going to repeat itself, ADA may be entering the $1 zone, bringing with it a world of investment opportunities for fans and investors alike.

Also Read | Cardano (ADA) Price Eyes $1.20 Breakout as ETF News Boosts Sentiment

Cardano Derivatives Face Slight Market Cooling

Cardano (ADA) derivatives experienced a mild dip, with trading volume decreasing by -1.07% to $3.10 billion and open interest falling by -1.16% to $ 1.61 billion. This indicates a withdrawal from new positions by investors, with fading short-term momentum while overall activity remained stable. The charts reveal repeated spikes in volume in tandem with price action, indicating cautious yet active participation.

The OI Weighted funding rate is standing at 0.0106%, indicating that longs are still paying shorts. The positive funding rate is a clear indicator that the majority of bulls expect the price of ADA to go higher. Although open interest and volume eased slightly, the funding rate indicates underlying positivity in the market.

Also Read | Cardano Key Support Levels Hold as ADA Governance Expansion Eyes $0.88