Cardano Advances 2%, Unfazed by ETF Setback

Cardano Gains 2% to $0.87, Showing Strength Despite ETF Delay

Cardano’s ADA token climbed 2% to $0.87 over the past 24 hours, mirroring a broader recovery across crypto markets. The CoinDesk 20 Index (CD20), which tracks the largest digital assets, rose 2.8% during the same period.

The rally comes amid two key factors: growing optimism 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 within a $0.04 range, between $0.83 and $0.88, according to CoinDesk Analytics. At one point, the token jumped from $0.84 to $0.88 on volumes more than double the 24-hour average of 39.3 million. After the surge, ADA consolidated around $0.86, suggesting potential institutional accumulation. Analysts identified resistance at $0.88 and support at $0.85.

The broader crypto market has experienced volatility this week. Monday saw a pullback as traders booked profits following a weekend rally fueled by Fed Chair Jerome Powell’s dovish remarks at Jackson Hole, which boosted expectations of rate cuts. By Tuesday, altcoins rebounded as investors treated the dip as a buying opportunity, with lower rates providing a favorable backdrop for risk assets.

Despite the SEC’s ETF delay, ADA’s resilience indicates traders remain focused on market momentum and the rotation of capital from Bitcoin into altcoins.