ADA Eyes $2.40 as It Outshines Ethereum and Solana

While much of the crypto world has been focused on Bitcoin and Ethereum, Cardano (ADA) has been quietly building momentum and is now re-emerging into the spotlight.

A series of fundamental upgrades, strong on-chain metrics, and impressive relative price performance have analysts and investors taking a serious new look at the popular blockchain.

In a market where many top altcoins have been trading sideways, Cardano has shown notable strength. According to recent data, ADA has outperformed both Ethereum (ETH) and Solana (SOL) in price performance over the last 12 months.

This resilience suggests a solid base of market support and a growing conviction among its holders that is now beginning to draw wider attention.

On the price chart, ADA has been moving steadily in recent days. The current support zone lies between $0.55 and $0.50. For bulls to stay in control, ADA needs to hold above this level.

According to experts, ADA has been moving inside an upward-sloping channel during this bull market. Right now, it looks like the price is pulling back to test the lower end of that channel. If it holds, the next target could be around $2.40.

Data from CoinGecko and CoinMarketCap shows that Cardano’s 24-hour trading volume recently crossed $600 million. The strong market activity is paired with growing investor confidence, as Cardano now ranks 8th for most bullish community sentiment with an impressive 87% positive rating.

In other important developments, Coinbase has officially launched Coinbase Wrapped ADA (cbADA) on the Base network. In addition, the popular decentralized exchange Aerodrome has integrated cbADA, which could help boost Cardano’s trading volume even further.

Additionally, Cardano founder Charles Hoskinson has proposed creating a decentralized sovereign wealth fund for Cardano. The idea is to use a portion of the community treasury — which holds about 1.8 billion ADA (around $1 billion currently), to buy Bitcoin and stablecoins.

About $100 million worth of ADA could be sold to start this fund, but sales would happen gradually to avoid affecting the market.The full details are expected to be announced at the Rare Evo conference in Las Vegas from August 6-10.