Cardano Hits 1M Transactions but is ADA’s Price Finally About to Break $1?

ADA jumps nearly 10% as Cardano sees steady usage; $0.90 has been flagged as an important level for traders eyeing $1.10.

Cardano (ADA) slipped from 9th to 10th in terms of circulating market cap by the end of Q3, underperforming its Layer 1 peers. However, the blockchain has maintained stable usage, as engagement from users and developers alike continued to grow.

In a significant milestone, the Cardano network has processed over 1 million transactions in the past 30 days alone.

$0.90 Break Could Trigger New Rally

The steady on-chain activity comes as ADA gained almost 10% in the past week alone, which briefly pushed the crypto asset’s price to $0.875.

Amid this uptick, crypto analyst Ali Martinez noted that $0.90 is a critical point to watch for ADA. According to Martinez, a break above this threshold could attract increased buying interest and set the stage for further upside, potentially targeting $1.10 in the near term.

Crypto analyst AV Sebastian echoed similar bullish sentiments for Cardano after identifying a potential W-shaped pattern forming on ADA’s chart since October 3rd. This technical setup is expected to push the price above the critical $0.90 level, a threshold already noted by other analysts. He added that the next key resistance to watch is around $0.94, and if ADA manages to break through this level, it could open the door for a rally past $1.

AV Sebastian had previously observed that ADA sits just 17% below $1 and 252% from $3, and framed these levels as realistic targets in a parabolic bull market phase. He suggested that, when momentum aligns, such milestones could be reached within weeks.

Traditional Capital Influx

Beyond technical momentum, institutional investors are increasingly exploring ways to gain exposure to ADA as several spot ETFs are currently under review. On October 3, Rex & Osprey, a registered investment adviser and ETF issuer, filed Form N-1A registration statements with the US Securities and Exchange Commission (SEC) for 21 digital asset ETFs, including one focused on ADA with staking features.

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If approved, these products would allow institutional and retail investors to gain exposure to ADA through regulated financial instruments, and potentially boost liquidity and visibility for ADA alongside other major digital assets.

Cardano has also made its way into corporate treasury strategies. Just last month, Reliance Global Group, an Insurance Tech Company, announced its first acquisition of ADA for its Digital Asset Treasury (DAT).