How High Can Cardano Price Go Beyond $1? ETF Approval Odds Jump Over 80%

Key takeaways:

• ADA price technicals are strengthening, with a rise to $2 possible.

• ADA futures volume is at a 5-month high of $7 billion, reflecting institutional interest. 

• Cardano’s total value locked, or TVL, is increasing along with ETF approval odds.

Cardano (ADA) has been up by as much as 37% in August. The price has since retraced, but multiple bullish signals suggest a breakout above $1 is inevitable.

Cardano bull flag pattern targets $1.80

ADA price technicals show a breakout from its prevailing bull flag pattern, according to analyst Clifton Fx. 

The ADA/USD pair has been consolidating inside a large flag range since December, steadily absorbing selling pressure. This phase often ends with a decisive breakout above the upper boundary of the flag.

Related: Price predictions 8/18: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, LINK

That breakout appears to be underway, with ADA facing resistance from $1, a level that has suppressed the price since December 2024.

“Bullish flag upside breakout has been confirmed in the 3-day time frame,” Clifton said in an X post on Thursday, adding:

“Now expecting a massive 100% – 150% bullish rally  in the coming weeks.”

A three-day candlestick close above and a retest of the $1 level (as new support) would confirm the bullish breakout with a technical target of the bull flag at $1.80.

A similar pattern was observed in lower time frames with a bull flag on the four-hour chart and a $1.27 ADA price target, as shown in the chart below.

ADA price symmetrical triangle targets $2

Data from Cointelegraph Markets Pro and TradingView shows ADA trading above a symmetrical triangle in the weekly time frame, as shown in the chart below.

The price must close the weekly candle above the $1 psychological level to continue the upward trajectory, with a target of $2.12. 

Such a move would bring the total gains to 126% from the current level.

The relative strength index, or RSI, has increased to 59 from 41 in mid-June, suggesting steadily increasing bullish momentum on higher time frames.

Cardano futures volume hits 5-month highs

Positive signals from the futures market further support the bulls’ case. ADA’s futures volume is at a five-month high of $7 billion across all exchanges, per data from Glassnode.

Since early April, ADA futures volume has stayed between $1 billion and $4 billion, as shown in the chart below. The sudden jump reflects strong institutional and retail interest, boosting liquidity and market confidence.

The futures volume has reached March 2025 levels, the last time the ADA prices were above $1.

A spot Cardano ETF is also looking more likely, with approval odds jumping to 81% on Tuesday from 59% on Aug. 6, according to Polymarket. 

At the same time, the total value locked (TVL) in Cardano DeFi protocols is rising. 

Cardano’s TVL has climbed 56% to $423.6 million, its highest since March, from $271 million on July 1, according to DefiLlama.

Historically, similar growth has coincided with massive ADA price rallies. During the post-election period, a 271% increase in TVL between Nov. 5, 2024, and Dec. 7, 2024, accompanied a 300% rally in ADA price.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.