The Crypto Market’s Upward Trajectory
The crypto market has been on an upward trajectory lately. Many crypto assets have their charts painted green, indicating a bullish market scenario. According to data from CoinMarketCap, the global market cap has seen a 5.48% uptick to $2.59T over the last day.
Notable Gains for Polygon (MATIC) and Cardano (ADA)
Notably, Polygon’s MATIC and Cardano (ADA) crypto tokens have seen significant price gains over the last day. At press time, Cardano trades at $0.501597, marking an uptick of 6.31% in the last 24 hours. Similarly, MATIC has seen its price rise by 5.77% to $0.737499 over the same period.
This price surge for ADA and MATIC comes as the crypto community braces for the SEC’s approval of the Ethereum Spot ETF, which has a deadline of May 23rd. As earlier reported by Captain Altcoin, Bloomberg ETF analysts increased their odds of a spot Ethereum ETF approval to 75%, up from the previous 25%. This surge in confidence comes amidst reports that the SEC could reverse its stance on this increasingly political issue.
Cardano (ADA) Price Analysis and Market Sentiment
The prospect of an Ethereum Spot ETF approval has sparked optimism within the crypto community. Jaromir Tesar, a notable figure in the crypto space, believes that if the SEC approves the Ethereum ETF, it could also pave the way for Cardano (ADA).
“If the spot Ethereum ETF is approved, it will also be a win for #Cardano. The SEC will not be able to prove that $ADA is a security. It is only a matter of time before we see ETFs for other blockchains,” Tesar tweeted.
Another crypto analyst, @TheCryptoAL, highlights Cardano’s past performance, noting how $ADA quickly reached $0.8 three months ago. He emphasizes that this surge occurred before the Bitcoin halving and the anticipated bull market, suggesting that Cardano is on the verge of a significant breakout soon.
Similarly, @tesh3xit, also known as AtomiC-BLondie, shares this optimistic outlook. She believes the upcoming bull run will be the largest ever and advises investors to be prepared with their $ADA holdings. Her confidence reinforces the prevailing sentiment that Cardano is poised for substantial gains.
Polygon (MATIC) Price Analysis
In addition to Cardano, Polygon’s MATIC token has also garnered attention from crypto enthusiasts. Captain Faibik, a top analyst, suggests that MATIC could be poised for a recovery rally, stating:
“$MATIC #Polygon looks Ready for 30-40% Recovery Rally.”
Supporting this bullish outlook, Crypto Patel shared a technical analysis chart for MATIC, highlighting a symmetrical triangle pattern. According to the analysis, the chart suggests a bullish breakout from the current consolidation within the triangle pattern, with a projected breakout target of approximately $15. This implies a potential upside of about 1153% from the current price level.
Conclusion
As the crypto markets continue to exhibit bullish momentum, market participants eagerly anticipate the SEC’s decision on the Ethereum Spot ETF, which could potentially catalyze further price surges for top cryptocurrencies like ADA and MATIC.
