Is Cardano (ADA) Next?

Following the recent approval for trading spot Ethereum (ETH) ETFs, attention has turned to the possibility of a Cardano (ADA) ETF.

The recent approval of spot Ethereum (ETH) ETFs has sparked speculation about the possibility of a Cardano (ADA) ETF.

A cryptic post on X by Tap Tools, a platform that tracks tokens, NFTs, and wallets on the Cardano blockchain, sparked the rumors. The post simply reads:

“Is an $ADA ETF up next?”

Cardano founder Charles Hoskinson shared a GIF of a superhero saying, “Fine, I’ll do it myself,” in response to the post, further fueling the speculation within the ADA community.

However, not everyone was thrilled by the news. One X user, known as “Batman,” expressed disappointment, commenting:

“We don’t want a Cardano ETF.”

The speculation comes as ADA’s price experienced a decline of over 5% in the past 24 hours, according to data from CoinMarketCap. The Relative Strength Index (RSI) remained below the neutral mark at 44, indicating a bearish trend. Moreover, the convergence of the Bollinger Bands suggested reduced volatility, hinting at a possible continuation of the bearish trend.

Interestingly, an analysis of IntoTheBlock data by AMBCrypto revealed a balanced sentiment within the ADA market, with no clear dominance of bulls or bears.

As the Chang Hard Fork approaches, anticipation is building among the community, hoping for a positive impact on ADA’s price. Historically, the Alonzo Hard Fork in August 2021 saw ADA rally by 130%, moving from $1.35 to $3.10. With the introduction of new capabilities in Chang, the community is speculating on similar gains and the potential introduction of an ADA ETF.

In a previous statement, Ripple CEO Brad Garlinghouse expressed optimism about the approval of various crypto ETFs, including those for Cardano, commenting:

“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.”

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