News 
February 11, 2025 
5 min. 
Cardano’s price (ADA) has experienced a significant surge in the past 24 hours, driven by favorable market events. The cryptocurrency has jumped 25% from its recent low of $0.651 on February 10, establishing support above the 200-day simple moving average. This movement could indicate the beginning of a new bullish cycle.
As of writing, ADA is trading at $0.797, reflecting a 15% increase in the period. Its trading volume has also skyrocketed by over 60%, reaching $1.25 billion—a clear indication of growing interest from both institutional and retail investors.
Why Is Cardano’s Price Rising Today?
Grayscale Applies for a Cardano ETF
One of the main factors driving ADA’s price surge is Grayscale’s application to launch a Cardano-based exchange-traded fund (ETF) in the United States. This type of fund allows investors to trade ADA on stock exchanges without needing to buy the cryptocurrency directly. The application, submitted to the New York Stock Exchange, highlights that major financial institutions see long-term potential in Cardano.
If approved, the ETF will enable investors to gain exposure to ADA without directly purchasing it. This type of investment vehicle typically attracts more capital, increasing liquidity and legitimacy in the market.
- Buy Cardano on Binance, use the Binance referral ID to open your account.
Short Liquidations Fuel the Rally
Cardano’s rally has also triggered a massive wave of short liquidations in the futures market. When traders bet on an asset’s decline and the price rises instead, they are forced to buy back their positions to avoid further losses, which drives prices even higher.
On February 11 alone, more than $1.76 million in short positions against ADA were liquidated, forcing traders to repurchase the cryptocurrency and intensifying buying pressure. This cascading effect is common when a rapid price increase eliminates leveraged positions, further accelerating the uptrend.
Technical Analysis Points to Further Gains
ADA’s price action aligns with a bullish “flag” pattern on the weekly chart, signaling a potential continuation of its upward trend. This pattern forms when a rapid price increase is followed by a consolidation phase before resuming its climb.
ADA/USD Chart Shows Bullish Flag Pattern
Between November and December 2024, ADA surged from $0.33 to $1.32, then consolidated and is now signaling another rally. If ADA breaks above the $0.90 resistance level, it could reach $3.57, based on projections using the previous leg’s height.
Additionally, the Relative Strength Index (RSI)—which measures an asset’s buying and selling strength on a scale of 0 to 100—supports this bullish outlook. It has risen from 47 to 52 in the past week, indicating that buyers are gaining control of the market.
Broader Crypto Market Impact
Cardano’s price surge has lifted the entire cryptocurrency market. Bitcoin (BTC) and Ethereum (ETH) have also registered gains, trading at $98,400 and $2,710, respectively. Other major cryptocurrencies, including Binance Coin (BNB), XRP, and Dogecoin (DOGE), have followed the upward movement.
Crypto Market Sees Overall Gains on February 11
With renewed optimism, the total crypto market capitalization has risen 2.2% in the past 24 hours, reaching $3.24 trillion. If institutional demand and market fundamentals remain strong, Cardano’s price could continue its upward trajectory in the coming days.
