Cardano Reaches 1 Million Transactions, But Is ADA’s Price Finally About to Break the $1?

ADA up almost 10% as Cardano sees stable usage; $0.90 has been marked as an important level for traders eyeing $1.10.

Cardano (ADA) fell from 9th to 10th in terms of circulating market capitalization towards the end of the third quarter, underperforming its Layer 1 peers. However, blockchain usage has remained steady as engagement from both users and developers continued to grow.

An important milestone: the Cardano network has processed more than 1 million transactions in the last 30 days alone.

A break at $0.90 could spark another rally

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

Amid this uptick, crypto analyst Ali Martinez said noted that $0.90 is a crucial point to be aware of for ADA. According to Martinez, a break above this threshold could attract greater buying interest and pave the way for further upside, with a possible near-term price target of $1.10.

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

AV Sebastian had previously noted that the ADA is only 17% below $1 and 252% below $3, setting these levels as realistic targets in a parabolic bull market phase. He suggested that if momentum adjusts, such milestones could be achieved within weeks.

Traditional capital inflow

In addition to the 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 advisor and ETF issuer, submitted Form N-1A registration statements with the U.S. 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 enable institutional and retail investors to gain exposure to ADA through regulated financial instruments, potentially increasing the liquidity and visibility of ADA among other major digital assets.

Cardano has also found its way into corporate treasury strategies. Just last month, Reliance Global Group, an insurance technology company, announced ADA’s first acquisition for its Digital Asset Treasury (DAT).