Cardano ($ADA) Price Might Hit $1 in Next 12 Hours, Metrics Hints Bullish Rally

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Despite the fact that the crypto market is in a slump, Cardano prices are rising. After the accumulating period, Cardano is in the bullish zone, having recovered about 20 percent of its losses in just 8 days. Buyers may push the price upward to the psychological threshold of $1, and a pullback near $1 is likely.

With a nearly 10 percent increase in the last 24 hours, Cardano’s ADA topped among the top ten cryptocurrencies. Since March 21, the asset’s price has continuously increased, approaching the crucial $1 mark. At the time of publication, ADA was trading at $0.987, and is up by more than six percent.  If the Bulls remain intact the altcoin can break through $1.

Cardano shines in Grayscale smart contract fund

The recently launched Grayscale smart contract fund now allows investors to invest in Cardano, which is fantastic news for ADA.

Grayscale Investments launched its “Smart Contract Platform ex Ethereum Fund” on Tuesday, with the goal of providing exposure to smart contract technology outside of the Ethereum blockchain.

Cardano’s ADA has a 24.6 percent weighting, Solana’s SOL has a 24.3 percent Avalanche’s AVAX at 17 percent Polkadot’s DOT has a 16.2 percent weighting, Polygon’s MATIC at 9.7 percent, Algorand’s ALGO has a 4.3 percent weighting, and Stellar’s XLM has a 4.1 percent.

Grayscale’s fund is the company’s 18th investment product and third diversified fund offering. The GBTC fund, which is meant to give institutional investors with exposure to the price of Bitcoin, is the company’s principal product.

In just 12 hours on March 22, Cardano (ADA) saw a large increase in the amount of ADA placed into its staking pools. According to pool.pm, a Cardano staking pool analytics tool, the amount of Cardano that inflowed into the 23 newly founded staking pools was around 1.5 billion ADA, or nearly $1.4 billion at the time of writing. In this case, each pool has a stake of 62 million ADC, representing a stake share of nearly 73 percent.

Aside from that, Cardano TVL (Total Value Locked) topped $300 million on March 22 according to DefiLlama data.

According to IOHK CEO Charles Hoskinson, the Cardano ecosystem will continue to grow, with the Vasil hard fork scheduled for June.