Key Points
- Speculation about a potential Cardano ETF has drawn mixed reactions and a 5% drop in ADA’s price.
- The upcoming Chang Hard Fork and historical data fuel optimism for future ADA gains.
The approval of Ethereum [ETH] ETFs has sparked interest in the possibility of a Cardano [ADA] ETF.
Possible Cardano ETF
The speculation was triggered by a post on X by Tap Tools, a platform that tracks tokens, NFTs, and wallets on the Cardano blockchain. The post asked if a Cardano ETF could be next, causing a stir within the crypto community.
Cardano founder Charles Hoskinson responded with a superhero-themed GIF and the caption “Fine, I’ll do it myself,” fueling further speculation within the Cardano community.
However, not everyone was thrilled. An X user named Batman expressed disappointment, stating, “We don’t want a Cardano ETF.”
ADA Price Reaction
Contrary to the excitement, ADA’s price dropped more than 5% in the past 24 hours. The Relative Strength Index (RSI) also confirmed this bearish sentiment, staying below the neutral threshold at 44.
The Bollinger Bands also suggested reduced volatility, indicating that the bearish trend might continue. But an analysis of IntoTheBlock data by AMBCrypto revealed a balanced sentiment in the ADA market, with no clear dominance of bulls or bears.
Upcoming Chang Hard Fork
Despite these developments, the crypto community is eagerly awaiting the Chang Hard Fork, which is expected to boost ADA’s value. This optimism is backed by historical data. During the previous Alonzo Hard Fork in August 2021, ADA’s price soared by 130%, from $1.35 to $3.10.
The community is hopeful for similar gains with the Chang upgrade and the potential introduction of an ADA ETF. Ripple CEO Brad Garlinghouse had already predicted a Cardano ETF, stating, “I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.”
