Cardano (ADA) Primed for Spot ETF Filing, Predicts The ETF Store CEO

Nate Geraci, CEO of The ETF Store, brought on discussions within crypto twitter when he predicted Cardano (ADA) to be the next digital asset to see spot ETF filings.

As the crypto community eagerly awaits the next asset to join the race for spot ETF filings, following the recent approval for Ethereum (CRYPTO: ETH), discussions have emerged centering on Cardano (CRYPTO: ADA).

With the growing interest in crypto ETFs, ADA might be next in line to join the competition.

Top Cryptocurrency Headlines

According to ETF Store CEO Nate Geraci, ADA is a strong candidate for issuers, along with Avalanche (CRYPTO: AVAX). This speculation comes as the market shows increasing interest in crypto index funds and spot ETF filings for coins like Solana (CRYPTO: SOL) and XRP (CRYPTO: XRP).

Geraci took to Twitter to share his thoughts on the matter, highlighting ADA’s potential.

Top 10 crypto assets by market cap…

2 have live ETFs

3 have live ETF filings

Guessing cardano is next pic.twitter.com/XhI8NqUa2B

— Nate Geraci (@NateGeraci) February 28, 2023

The idea of an ADA ETF is gaining steam. A recent post by Whale X highlighted Cardano’s relative low risk compared to other cryptocurrencies. Its decentralized design, strong community, and consistent performance since its 2017 launch make it stand out.

Adding to its appeal for institutional investors is the fact that 58% of ADA tokens are staked, and the network has boasted 100% uptime since its launch, earning a reputation for reliability in a market known for its volatility.

Market Metrics for Cardano (ADA)

At the time of writing, ADA was trading at $0.9724, showing a 3.20% dip over the last 24 hours. Its market cap sits at $34.19 billion, showing a decline, as trading volume dropped by 35.81% to $988.22 million.

cardano (ada) vs bitcoin and ethereum: Could ADA Outperform in the ETF Era?

However, ADA’s metrics reveal a healthy supply distribution. With 35.17 billion ADA in circulation and a total supply capped at 45 billion ADA, Cardano remains well-positioned.

Technical Analysis: What’s Next for ADA?

Some analysts, like Ali, are optimistic about Cardano despite recent price swings. They believe ADA could hit $1.50 if it breaks through the $1.10 resistance level.

Ali identifies a symmetrical triangle pattern emerging on the 4-hour chart starting January 21, 2025. This pattern suggests a period of consolidation.

The pattern indicates a period of consolidation, with the price nearing a breakout point. If the price rises above the triangle, it could target the $1.30-$1.40 range. However, if the price breaks downward, support levels may be tested at around $0.78.

Continue reading on Coin Edition