• ADA successfully broke above the $1 price level after a 6.80% price surge. 
• The altcoin is valued at $35.74 billion, higher than Deutsche Bank’s $34.9 billion.
• The possibility of an ADA ETF approval in the US rose from 15% to 33%.

Cardano (ADA) is making headlines with its recent surge, reclaiming the $1 mark after slipping below it a few days ago. The altcoin climbed 6.8% in the past 24 hours, trading at $1.02 at the time of writing. With bullish momentum building, ADA traders and investors are eyeing the next 24 hours to determine if the cryptocurrency can break through its immediate resistance at $1.10.

Grayscale Adds ADA to Digital Large Cap Fund

Grayscale, one of the world’s largest digital asset management firms, has boosted ADA’s bullish narrative by accumulating significant amounts of the token. This move follows ADA’s reentry into Grayscale’s Digital Large Cap Fund, signaling institutional interest in the altcoin.

In a recent X (formerly Twitter) post, crypto influencer Julia highlighted this trend, stating that Grayscale continues to “buy the dip,” further solidifying confidence in ADA’s long-term potential.

ADA Market Cap Outpaces Deutsche Bank

Meanwhile, ADA’s market cap has now reached $35.74 billion, surpassing Deutsche Bank’s valuation of $34.9 billion. This milestone underscores Cardano’s growing dominance in the digital asset market. Moreover, the altcoin retains its position among the top ten cryptocurrencies by market capitalization, reflecting sustained investor interest.

Additionally, the probability of a Cardano exchange-traded fund (ETF) approval has increased from 15% to 33%. Analysts believe that ETF approval could propel ADA to new all-time highs, making this a key development to watch.

Cardano bull Dan Gambardello highlighted in a video on X that Donald Trump’s decision to make holding cryptocurrencies issued by US companies tax-free could be bullish for ADA along with XRP and Hedera (HBAR).

Related: Cardano’s DeFi Network Gets a Lift from BitcoinOS Integration

ADA Price Analysis

Technical indicators paint a positive picture for ADA. The Relative Strength Index (RSI) sits at 54.41, indicating bullish control over price action. Analysts anticipate a potential retest of the $1.10 resistance level in the near future.

Meanwhile, ADA accumulation has been on the rise since November. Although accumulation slightly dipped this month, recent activity suggests that bulls are ramping up their efforts.

Key Levels to Watch

• Support: $0.90
• Resistance: $1.10
• Potential Breakout Target: $1.20

Related: Cardano Founder Reviews CIP-113 Proposal for Real-World Asset Tokenization