Grayscale’s GDLC ETF Decision Set for July 2 Amid Cardano Price Speculation
Cardano's price has remained stable around $0.5625, with analysts anticipating a potential rally linked to the SEC's decision on the Grayscale Digital Large Cap ETF (GDLC) by July 2, which includes ADA. Key points include:
- The approval of the GDLC could facilitate more spot ETFs for altcoins.
- Polymarket indicates an 87% chance of a Cardano ETF approval by year-end.
- Bloomberg analysts estimate a 90% probability of approval, with decisions for several altcoin ETFs expected by Q4 2025.
Whale accumulation is noted as large wallets holding over 1 million ADA have increased their holdings from 23.25 billion to 23.75 billion since January, while smaller wallets reduced theirs from 6.86 billion to 6.72 billion. This suggests whales are buying dips as retail investors sell off.
Technical indicators show the RSI is in the oversold region, signaling a potential bounce. Key levels to watch include:
- $0.54 support level, below which a drop to $0.50 may occur.
- A close above $0.6560 could shift momentum bullish, with targets over $0.70 if ETF news is favorable.
ADA price chart with RSI and Bollinger Bands | Source: Trading View
In addition, interest is growing in Snorter Bot ($SNORT), a new Telegram-based trading tool focused on simplifying crypto transactions. Its presale details include:
- Token Price: $0.0969
- Funds Raised: $1.3 million
- Token Symbol: $SNORT
- Network: Solana
Snorter Bot aims to enhance the trading experience, particularly for meme coins, by offering rapid trade execution and user-friendly features.