TL;DR

• Market observers are eyeing a breakout for ADA, with short-term targets ranging from $0.88 to $1.30.
• One industry participant sees a long-term bullish scenario where the asset could reach $10 by 2029 – a level that would require its market cap to exceed $350 billion.

Major Rally on the Horizon?

The price of Cardano’s ADA climbed by 11% in the past week following the overall revival of the cryptocurrency market. It currently trades at around $0.71 (per CoinGecko’s data), and multiple analysts envision the potential for further gains in the short term. 

The popular X user Ali Martinez thinks ADA is approaching “a major test” at $0.74. He believes a breakout above this mark could set the stage for an upswing toward $0.88. 

Other industry participants set even higher targets. Crypto King told his over 120,000 followers on X that ADA has been “consolidating really well” in the past day. They think the asset needs to remain in the $0.60-$0.70 range before rising to $1. 

The X user Token Talk noted that ADA has been recently trading sideways at approximately $0.70. According to them, analysts see a possible push to $1.20-$1.30, envisioning a “long-term bullish case” for $10 by 2029. 

It is important to note that ADA’s market cap would skyrocket to roughly $360 billion (based on the current circulating supply of 36 billion tokens) if this prediction comes true. As of the moment, the asset’s capitalization stands at $25 billion, making the forecast quite unlikely, at least in the current environment.

Meanwhile, the X user with over 2.2 million followers – Lucky – is also fond of ADA. A few days ago, the analyst envisioned a price uptrend above $1.60, labeling Cardano as “one of the strongest projects in the entire crypto space.”

What Can Ignite a Further Uptick?

Perhaps the biggest catalyst for a potential price surge for Cardano’s native token is the possible approval of a spot ADA ETF in the United States. Grayscale sought permission to launch such an investment vehicle, and the US SEC acknowledged the application in February.

If greenlighted, the product will enable easy access for institutions and retail investors to gain ADA exposure without worrying about storing the underlying asset. According to Polymarket, the approval odds before the end of 2025 currently stand at around 45%.

Additionally, the token could experience a price upswing in the event of a major partnership featuring Cardano. Recent discussions and developments involving the entity and Ripple hinted that a collaboration between the two might be incoming; however, nothing is official yet.