Investors are closely monitoring the performance of Cardano (ADA), driven by a flurry of bullish predictions and a recent price recovery. This renewed interest has been further intensified by a renowned analyst’s prediction that Cardano’s price could reach $2, prompting traders to identify crucial price levels to watch.

Today, Cardano price has surged by more than 1.6%, trading at $0.5640. Over the last 24 hours, the cryptocurrency has fluctuated between the $0.546 and $0.564 mark, though its one-day trading volume experienced a 13% decline to $417 million. Despite this recent uptick, ADA has seen a decrease of over 2% in the last seven days. Its monthly performance has been even more challenging, with a loss exceeding 23%.

Key technical indicators offer mixed signals but suggest potential for future growth. The Relative Strength Index (RSI) for ADA stands at 36, indicating that there may be room for further gains. Simultaneously, Cardano Futures Open Interest saw an increase of approximately 2% today, reflecting strong confidence among market participants and suggesting a potential gearing up for a robust rally.

Analysts have provided varied insights into ADA’s future trajectory. Renowned market expert Ali Martinez, in a recent X post, highlighted that ADA has established strong support at $0.47. This suggests that Cardano might experience less volatile trading in the near future, although some analysts anticipate a potential slip below the $0.50 level.

Another market expert, CryptoSmith, has projected a significant bullish run for ADA. He identified $0.5831 as a critical resistance level for Cardano. CryptoSmith noted that a breach of this resistance could trigger a massive rally, referencing a historical instance where ADA price surged by 240% after overcoming a similar resistance. Given that Cardano is currently forming a similar structure, the analyst suggested a robust breakout towards $2.6 could be on the horizon.

A significant factor that could propel Cardano’s price higher is the potential approval of an ADA Exchange-Traded Fund (ETF) in the United States. Discussions surrounding this possibility are gaining momentum, especially given the U.S. SEC’s evolving pro-crypto stance under President Donald Trump. According to data from Polymarket, the odds of a Cardano ETF approval are currently at 77%, fostering considerable market optimism.

Adding to this sentiment, Bloomberg analysts James Seyffart and Eric Balchunas have predicted a 90% chance of a potential ADA ETF approval by 2025. If approved, such an ETF could significantly trigger a massive rally in Cardano’s price, as institutions would likely increase their investment in the asset. While the $2.6 prediction might appear optimistic, it could materialize if an ETF is approved and institutional interest intensifies.