Cardano (ADA) Poised for October Breakthrough as SEC ETF Decisions Loom
Cardano, the fifth-largest cryptocurrency, is poised for significant developments in October. The SEC has 16 crypto-ETF decisions pending, which could be a turning point for ADA. Meanwhile, analysts eye the 90-cent resistance zone as the next price target, potentially leading to a $1 breakthrough.
Cardano's foundation has allocated an eight-figure ADA liquidity fund for stablecoin projects and $50 million to strengthen the DeFi ecosystem. Currently, ADA is trading between 84 and 86 cents with a market capitalization of over $30 billion.
A successful ETF approval could attract institutional investment in ADA. Large investors have already accumulated 70 million ADA coins in the past week, indicating bullish sentiment. Cardano boasts one of the highest staking rates among major proof-of-stake networks, reflecting a loyal investor base. Google Cloud's operation of a validator node for Cardano further bolsters the ecosystem's credibility.
The SEC's decision on Grayscale's and Tuttle Capital's ADA ETF applications, due by October 26, could significantly impact ADA's price and institutional investment. With analysts targeting the 90-cent resistance zone and a loyal investor base, Cardano's future looks promising.
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