Grayscale ADA ETF Filing Acknowledged by SEC

Cardano (ADA) has dropped sharply, close to 10% in the past 24 hours, trading at $0.6862 as of this writing.

Cardano (ADA) price today is $0.686174 with a 24-hour trading volume of $623.3 million. ADA price dropped sharply, by close to 10% in the past 24 hours. This price crash happened even though the US Securities and Exchange Commission (SEC) recognized Grayscale’s filing for a spot Cardano exchange-traded fund (ETF). Grayscale’s proposal, submitted on February 10, 2025, and officially noted by the SEC on February 24, 2025, is designed to offer investors regulated exposure to ADA. If approved, shares of the Grayscale Cardano Trust will track ADA’s price, allowing investors to gain exposure without having to directly hold the asset.

Market sentiment has been positive in response to the news, with betting odds of approval going up to 64% on Polymarket. Related: Staked Cardano ETP Goes Live on Nasdaq Helsinki via Virtune

Market participants have become more and more bullish on the cryptocurrency, thinking that it is one of the few “made in America” digital currencies. Cardano is also ranked fourth on the list of crypto’s top overall coins by notable development activity over the last 30 days. Data from blockchain analysis platform Santiment shows, Internet Computer (ICP), Chainlink (LINK), and Optimism (OP) are the top three on the list.

ADA prices have fallen hard, a huge 30% over the last 30 days during the broader digital asset market meltdown. Looking at the chart below, the Relative Strength Index (RSI) is currently at 35.78, suggesting that ADA is approaching oversold territory (typically below 30). Oversold levels could lead to a potential rebound for the altcoin.

At the same time, the MACD indicator remains in bearish territory, with the MACD line (blue) positioned below the signal line (red), which further supports bearish sentiment. In addition, the histogram remains negative, indicating continued downward momentum.

Notably, the next important support lies near $0.60, a psychological level that could attract buyers if ADA continues to decline. On the flip side, ADA needs to reclaim the $0.75-$0.80 range to regain bullish momentum. A break above this zone could signal a trend reversal.

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