TLDR
- Cardano price remains above the Ichimoku cloud indicator, signaling bullish momentum
- SEC expected to approve Grayscale ADA ETF by October 22, with odds at 87% according to Polymarket
- Cardano formed a double-bottom pattern at $0.5025, suggesting potential bullish reversal
- OpenBank (Santander’s digital arm) has integrated ADA alongside traditional financial assets
- Technical analysis points to a potential 45% price increase, targeting $1.3272
Cardano’s price is showing strong bullish indicators as two major developments unfold: the likely approval of a spot ADA ETF by the SEC and integration with OpenBank, Santander’s digital banking arm. These factors, combined with positive technical signals, suggest ADA could see substantial price movement in the coming weeks.
Cardano has maintained its position above the Ichimoku cloud indicator and key moving averages, providing a solid foundation for potential growth. The technical chart reveals a double-bottom pattern formed at $0.5025, which typically signals a bullish reversal.
The price has already surpassed the pattern’s neckline at $0.8650, confirming the validity of this bullish setup. A golden cross pattern also formed on July 22, adding further weight to the positive outlook.
The SEC has set October 22 as the deadline for a decision on the Grayscale ADA ETF. According to Polymarket data, there’s an 87% probability of approval on or before this date.
This optimism stems from the SEC’s recent approval of multiple spot Ethereum ETFs from major financial institutions like Franklin Templeton and BlackRock. The agency also recently approved generic standards for altcoin ETF listings, requiring coins to have a Coinbase futures product—a criterion Cardano meets.
ETF Approval Could Transform Cardano’s Ecosystem
An approved Cardano ETF would represent a major milestone for a blockchain network that has struggled to gain traction compared to competitors. Despite being technically sophisticated, Cardano has been described as a “ghost chain” with limited applications in its ecosystem.
The network lacks the vibrant DeFi activity seen on platforms like Solana, Sui, and Sei. It also has minimal presence in the stablecoin market, which has become a crucial sector in the cryptocurrency space.
An ETF approval could change this trajectory by bringing institutional investment and mainstream attention to the Cardano ecosystem. This influx of capital and interest might catalyze development and adoption of applications on the network.
OpenBank Integration Brings ADA to Mainstream Users
In a separate but equally important development, OpenBank—the digital banking arm of Santander—announced on September 16 that it now offers Cardano’s ADA to its clients. This integration allows customers to buy, sell, and hold ADA alongside traditional investments like stocks, bonds, and ETFs.
The service has launched in Germany, with plans to expand to Spain and other European countries. Transactions carry a flat 1.49% fee, starting from €1, and custody services are provided free of charge.
OpenBank serves over two million clients across Spain, Germany, the Netherlands, Portugal, Mexico, and the United States. As Europe’s largest fully digital bank by deposits, this integration exposes ADA to a substantial new audience of potential investors.
The seamless integration eliminates the need for third-party exchanges, giving users a more streamlined experience. This puts Cardano on equal footing with traditional financial assets in the eyes of OpenBank customers.
The technical outlook for Cardano remains strong. With the price above both the Ichimoku cloud and the two moving averages, analysts project a target of $1.3272—the highest point reached in December last year. This represents a potential 45% increase from current levels.
However, traders should note that a drop below the support at $0.8300 would invalidate this bullish forecast. The price currently seems well-supported by multiple technical indicators, including the Murrey Math Lines tool.
The coming weeks will be crucial for Cardano as the ETF decision deadline approaches. With both fundamental catalysts and technical signals aligning, ADA could be poised for its most significant price movement of 2025.
The most recent data shows OpenBank’s integration is already live in Germany, with Spain set to follow shortly. The flat transaction fee structure and free custody services make ADA accessible to traditional banking customers, potentially opening the door to broader adoption across Europe.
