Key Insights
- Cardano price jumps 22% to $0.80 after the Grayscale ETF filing.
- Most recently, Cardano’s Lace Wallet security challenge concluded without a single successful hack.
- Analysts predict that ADA price could hit $3, and some predict it can go for potential targets of $5 or $10.
The recent optimistic sentiment from the Grayscale Cardano ETF filing has sent the Cardano price higher at $0.80. That’s a 22% increase this week. This surge was triggered by a high volume profile level-based key support block that has been active since Q4 2024.
In a related development, a few days back, a Bloomberg analyst revealed that Litecoin ETF has 90% approval odds. Other altcoins are also making the list with decent odds. With this data shared by the analysts, the next day, Grayscale filing was announced. Now, Cardano ETF’s chances of approval have risen.
If Cardano ETF gets approved, it could positively impact ADA price, which is once again on the rise and could expand more northwards.
Cardano Lace Wallet Security Challenge Concludes and Boosts Investor Confidence
Meanwhile, most recently, a significant milestone has been achieved in the Cardano ecosystem. The Cardano Lace Wallet security challenge, which lasted six months, has concluded without a single successful hack. This impressive accomplishment has boosted many investors’ confidence, further fueling the Cardano price surge.
As ADA crypto continues to evolve, with its security and stability on full display, experts are closely watching its progress. So, is Cardano price poised to make a lasting impact on the blockchain landscape? Keep on reading to reveal the answer.
The Lace PGP Encryption Challenge Had a $1 Million Bounty Reward
Previously, in a bold move to demonstrate the strong security of Cardano’s flagship Lace Paper Wallet, its founder, Charles Hoskinson, announced a $1 million bounty reward in August 2024.
As per the challenge, the only task was to hack the wallet and claim the prize. The challenge was set to run until the end of 2024 or until someone successfully breaches the wallet’s defenses.
However, the wallet’s security features, including a QR code-based restoration system, proved to be a formidable barrier. In fact, it remained uncompromised. Moreover, this was proof of the Cardano network’s commitment to security protocols. By putting its wallet to the test, the team tried to identify and strengthen any vulnerabilities.
This outcome of the challenge has been revealed through the official “lace dot io” account of X. This triumph shows the best of the Cardano network’s dedication to protecting its users’ assets.
Cardano Founder’s PGP Encryption Proved Tougher
Recently, on lace.io’s X post, a comment by TheFatherAgent compared the Lace Paper Wallet Bug Bounty Challenge to a “crypto equivalent of a heist movie” where no one could crack the vault.
The X user further added that Charles Hoskinson’s PGP encryption proved to be a formidable barrier, tougher than a “two-dollar steak.” This development has planted confidence in its users, reassuring their assets will be secure.
Beyond the Lace wallet, the Cardano ecosystem has been abuzz with innovations and upgrades over the past few months.
One of the most notable upgrades was the most awaited Plomin hard fork. It went live two weeks ago. This upgrade introduced complete decentralized governance.
Additionally, the Plomin hard fork took previous upgrades a step further by giving its holders voting rights to decide on major growth aspects. This move has now completely authorized the community to shape the future of the Cardano blockchain.
Why Do Analysts Believe Cardano Price Could Hit the $3 Mark?
The community is bullish, with major optimistic developments unfolding in 2025. Recently, TapTools has proposed an intriguing theory via an X post. The user suggested that the Cardano price history is repeating itself.
The user analyzed the longer timeframe weekly chart and observed that in the past price action, Cardano price traded within a range for 798 days before breaking out above the upper border. ADA price then entered a period of accumulation.
After this accumulation, Cardano price ultimately witnessed a significant price surge and touched the $3 mark in 2021.
Interestingly, TapTools believes that this pattern is repeating in the current Cardano price action.
He comments that the weekly chart has kept the Cardano price within a range for approximately 931 days. Besides, it has now broken out above the upper border, initiating a new phase of accumulation.
So the theory suggests that this could be another chance for buyers to load their bags before a substantial price move. Also, looking at the chart, the analyst has highlighted, per the drawing, that the first target is $3, and beyond that, it might enter price discovery mode.
Additionally, Darren (CryptoIRELAND1), another analyst, has built upon this idea. The analyst suggests that when ADA crypto enters the price discovery phase, it may reach psychological levels of $5 and $10, respectively.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.