Cardano (ADA) Just Scored a Major Listing Win by Targeting the Institutional Market

Cardano (ADA) just scored a major milestone with its listing on the global brokerage platform Interactive Brokers.

Cardano (ADA) has hit a major milestone with its listing on global brokerage platform Interactive Brokers.

Known for its broad range of investment products and institutional clientele, the addition provides Wall Street investors with a new and direct channel to gain exposure to the world’s seventh-largest cryptocurrency.

This integration is one of the most significant moments for ADA so far – positioning the token for greater mainstream visibility and adoption.

It also includes Ripple’s XRP, Solana (SOL), and Dogecoin (DOGE). But for Cardano, the listing marks a particularly meaningful step forward.

While Interactive Brokers began supporting Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) back in 2021, the addition of ADA brings another layer of validation to the project’s staying power and relevance.

However, despite the bullish implications, ADA’s price action isn’t reflecting the optimism just yet.

At the time of writing, the token trades at $0.7325, down 4.24% over the past 24 hours, according to CoinMarketCap.

Over that same period, ADA has fluctuated between a low of $0.7219 and a high of $0.7528, showcasing some degree of price volatility within the short-term trend.

But while the bulls may want to quickly capitalize on the new listing to push ADA higher, the technical outlook suggests that the bears could still have some strength to influence price action in the near term.

As evident from the chart, technical indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest that further sell pressure may be ahead.

With the RSI sitting at 45, Cardano has lost much of the bullish momentum it showed earlier in the month.

The CMF is also in negative territory at -0.09 – lower than the neutral zero line – indicating weak buying pressure and ongoing capital outflows.

This combination helps explain the continued price consolidation since ADA fell from its $1.15 peak on March 3.

If broader market sentiment fails to improve and pushes ADA lower, the next price level to watch out for is $0.60.

This is a strong support range that could help stabilize the token’s decline. However, if sellers manage to pierce this level, it could open the door for a deeper selloff towards the $0.50 zone.

On the other hand, if buyers manage to capitalize on the new listing and generate enough strength to push ADA above the $0.80 barrier, it could pave the way for a faster recovery towards the $1.00 mark.

This price zone is crucial for bulls to recapture as it would help to reignite interest in the token and potentially attract new buyers into the market.

From there, the next resistance level to watch out for is the $1.15 high, which could be a key determinant of the next leg of ADA’s price trend in 2024.

Investors seeking promising projects in the Layer-2 space may also want to consider Solaxy ($SOLX).

This new project is rapidly gaining attention for its innovative solution to enhance the Solana network, which is widely recognized for its capabilities and a key competitor to Cardano.

Solaxy is designed to provide a superior experience by increasing speed, reducing transaction costs, and expanding the range of supported applications.

This stands in stark contrast to many new crypto projects, which often struggle to deliver on their promises and may not possess a clear use case or a defined roadmap for the future.

However, Solaxy offers both immediate utility and a long-term vision. Its user-friendly platform is built to handle meme coins and various DeFi applications.

This provides users with an edge in today’s fast-paced market, where speed and efficiency are paramount.

The development team is also making swift progress on the protocol.

Recent updates highlight significant advancements in Solaxy’s roll-up architecture for handling high throughput and its seamless integration with the Solana Devnet.

This ensures optimal performance and compatibility within the Solana ecosystem.

As Solaxy rapidly approaches its full launch, investors can capitalize on this opportunity by joining the ongoing $SOLX presale.

The token is available for purchase with a variety of payment methods, including SOL, USDC, and bank cards, catering to both experienced crypto investors and newcomers.

With over $28 million already raised from its initial goal of $50 million, and less than four days to join the Meme Index ($MEMEX) presale, the timing couldn's be better to invest in one of the hottest new projects in the Solana ecosystem this year.