Cardano (ADA) has surged 60% this month, reaching $0.8185. Investors speculate that an upcoming VIP meeting and rising ETF optimism could push the price even higher. Many wonder if ADA can climb another 65% and reclaim its 2024 high before this anticipated event.
Hoskinson’s VIP Meeting Fuels Speculation
Charles Hoskinson, Cardano’s founder, recently teased a VIP meeting now scheduled for March 1st. He originally planned the meeting for February 22nd but delayed it. His cryptic announcement stirred excitement and speculation about who will attend. Many believe Elon Musk might be involved, while others think it could be David Sacks, Trump’s AI and crypto strategist. Some expect multiple influential figures to attend.
Read Also: Charles Hoskinson Teases Major Collaboration in Late February
Hoskinson has a history of making bold statements that do not always lead to immediate results. In 2021, Cardano announced an ambitious plan to digitize Ethiopia’s education system, but progress has been slow. He also hinted at potential partnerships with Chainlink and Elon Musk, but those meetings have yet to produce concrete results. Despite this, the crypto community remains optimistic about what this VIP meeting could mean for Cardano’s future.
Cardano ETF Hopes Drive Buying Pressure
Grayscale recently filed for a spot ADA ETF, increasing speculation that the SEC might approve it under new leadership. If approved, this ETF would introduce Cardano to institutional investors, similar to how Bitcoin and Ethereum ETFs drove massive inflows. Recent price surges in XRP and Litecoin suggest that traders anticipate similar opportunities for ADA. The possibility of an ETF adds another reason for Cardano’s bullish momentum.
ADA Price Analysis: Can It Reach $1.33?
Cardano’s weekly chart signals strong bullish momentum. It recently formed a hammer candlestick, a pattern that suggests a potential upward breakout. The price now tests resistance at $0.8185, a key level from March 2024. If ADA maintains its current trajectory, it could reach $1.3357. This target aligns with the 38.2% Fibonacci retracement level and Elliott Wave’s first phase resistance.
Traders are closely watching ADA’s performance as it moves through the second phase of the Elliott Wave pattern. If the bullish trend continues, the third phase could push the price even higher. Additionally, a bullish flag pattern has formed, increasing the likelihood of a breakout.
Will ADA Hold Above Support Levels?
If ADA drops below $0.50, the bullish outlook could weaken. A break below this psychological level might send the price toward $0.25. However, if buyers step in, ADA could consolidate before resuming its upward movement. The next few weeks will determine whether Cardano sustains its bullish trajectory or faces renewed selling pressure.
What’s Next for Cardano?
With the VIP meeting and ETF speculation driving sentiment, ADA remains a token to watch. If Hoskinson’s meeting results in meaningful partnerships or announcements, investor confidence could increase further. Similarly, if the SEC shows a positive stance toward a Cardano ETF, institutional investors might accelerate buying activity.
As traders analyze these developments, they remain cautiously optimistic. Cardano’s current price action suggests a potential breakout, but traders must watch key support and resistance levels closely.
Should You Buy Cardano Now?
ADA’s recent rally has captured significant market attention, but risks remain. The price needs to stay above key support levels to maintain bullish momentum. Investors should consider the potential upside of ETF approval and strategic partnerships while remaining aware of downside risks.
Read Also: Cardano Shines as Grayscale Pushes for Spot ETF Approval
With growing interest in Cardano’s future, the next few weeks could shape its trajectory. As speculation continues, traders and investors eagerly await the next big move in ADA’s price action.
