The Cardano price remained in a tight range in January, even as the odds of a spot ADA ETF jumped on Polymarket. On Friday, the coin was trading at $0.95, which has been stuck for the past few weeks. So, how high can Cardano get in February?
ADA ETF as a catalyst
Cardano will probably perform strongly in February. Seasonality data, shown below, shows that Bitcoin typically rises in February. The same happens with Ethereum and other altcoins, like Cardano and Solana.
The other catalyst for Cardano is the rising optimism that the Securities and Exchange Commission (SEC) will approve an ADA ETF. Besides, Cardano is a coin made in the USA and is one of the industry’s most significant coins.
Polymarket data shows that these odds have jumped to 54%, up from below 20% earlier in January. A Cardano ETF would likely result in hype from crypto traders and other participants. It would also lead to inflows from institutional investors.
Cardano has more catalysts in February. Its integration with BitcoinOS could happen in February, unlocking billions in assets. Also, the network will probably launch the Midnight ZK scaling solution during the month.
Read more: Cardano Fully Decentralized After Plomin Hard Fork
Cardano Price Prediction: ADA has formed bullish patterns
The weekly chart shows that between 2023 and 2024, the ADA price formed a triple-bottom pattern at $0.2435. It has now jumped and retested the neckline at $0.8175. The break-and-retest pattern is a popular bullish continuation sign.
Cardano has also settled at the 23.6% Fibonacci Retracement point, which is a sign that it has moved to the second stage of the Elliot Wave pattern, which is usually a pullback.
The next stage will be the third one, which is generally the longest, and it could push it to the 61.8% Fibonacci Retracement level at $2. Cardano has also formed a pennant, shown in red, with the two lines nearing their confluence levels.
Therefore, the most likely scenario is for the price of Cardano to jump to the 50% retracement level at $1.6800. A move above that will increase the odds of the coin jumping to the key psychological point of $2.
READ MORE: 3 Best XRP Rivals to Buy for 3x Gains in February
