Cardano is gaining bullish momentum as the market builds, signalling the potential for a decisive upside move. Price action is steadily pressing toward a critical resistance zone, with buyers showing renewed strength. A sustained push from current levels could pave the way for the ADA price to test the $1.20 mark, a threshold that may trigger heightened interest and fuel further gains. With sentiment improving and volatility on the rise, ADA’s short-term trajectory appears primed for a continuation toward higher valuation levels.
The ADA price is coiling up, making less noise, which has helped the token to break out of the prolonged bearish trend. With this, the price is consolidating just below the $0.8 to $0.85 resistance and the trendline; a confirmed breakout could trigger a move toward $1.50. The question now arises: Is this breakout on the horizon?
Traders Turn Optimistic on Cardano
The on-chain readings suggest the traders are turning optimistic as the open interest has marked a new ATH.
The Open Interest has seen a sudden rise since the November 2024 breakout and has been scaling high, and has almost reached $1.80 billion. The rising open interest indicates growing bullish sentiment among the traders, which could be a bullish signal for the ADA price.
Will ADA Price Rise above $1 This Week?
The Cardano price appears to have completed the correction after a breakout, suggesting a bullish wave is about to begin.
The above chart shows the ADA price broke out from the descending parallel channel, and after a small correction, the price has triggered a rebound. Interestingly, this rebound has turned the indicators bullish, hinting towards a potential breakout. The 50/200-day MAs are heading for a bullish crossover, called the Golden Cross, that previously resulted in a 120% rise. On the other hand, the MACD has also displayed a similar crossover, which suggests buying pressure is about to coil up.
Considering the previous chart patterns and the current market conditions, Cardano (ADA) price is primed for a breakout above $0.9 at any time from now. However, securing $0.92 could pave the way for a larger breakout above $1 and reach $1.12
Earlier today, Israel launched a ‘pre-emptive strike’ on Tehran and declared a state of emergency. This rapid escalation of the conflict drove the crypto market into a freefall.
Over the past 24 hours, total liquidations amounted to $1.15 billion. Additionally, the overall market is down by 6.6%.
Crypto Market Plunges Amid Israel-Iran Conflict
According to CNN, Israel’s strikes targeted Iran’s nuclear program and missile capabilities, affecting dozens of locations. The attack reportedly eliminated Iran’s top military leaders and senior nuclear scientists. It was confirmed that General Hossein Salami, the Commander-in-Chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), was killed.
“Iran’s state television says Deputy Commander in Chief of all Armed Forces, General Gholam Ali Rashid, has been killed, along with nuclear scientist Fereydoon Abbasi,” The Kobeissi Letter posted.
To prepare for potential retaliation, Israel has declared a state of emergency, closing schools, banning gatherings, and mobilizing tens of thousands of soldiers.
Furthermore, Iran is preparing a ‘lethal‘ response against Israel following the attacks. It has already appointed General Vahidi, the former head of the Quds Force, as the new commander of the IRGC.
Admiral Habibollah Sayyari has succeeded the late General Bagheri as the acting Commander-in-Chief of the Armed Forces of the Islamic Republic of Iran.
Statement No. 1 of the General Staff of the Armed Forces
In the early hours of Friday, 23 Khordad (June 12), the Zionist regime carried out an aggressive and reckless attack on several areas of the country, including both civilian and military zones. This assault resulted in… pic.twitter.com/TyQtkxPMmU
The rising tension between the two nations has caused significant turbulence in the market. Dow Jones Industrial Average futures fell by 1.3%, S&P 500 futures dropped 1.4%, and Nasdaq 100 futures plunged by 1.6%.
Nine of the top ten coins saw losses over the past day. Bitcoin (BTC) nosedived from over $108,000 to $104,112. However, altcoins suffered the harshest blow.
Crypto Market Cap Post Israel’s Attack On Iran. Source: BeInCrypto
Solana (SOL) lost nearly 10% over the past day. Ethereum (ETH) trailed closely with a 9.3% downtick. Among the top 100 coins, Fartcoin (FARTCOIN) and Ethena (ENA) stood out for double-digit losses of 17.3% and 15.9%, respectively.
These declines forced 247,769 traders out of their positions over the past 24 hours. According to Coinglass data, $1.15 billion has been liquidated from the crypto market.
Bitcoin faced $427.75 million in long and $19.10 million in short liquidations. Ethereum followed with $244.74 million in long liquidations and $43.57 million in short liquidations, highlighting the scale of market turmoil.
Nonetheless, the conflict drove oil and gold up. Oil prices spiked by more than 10%. U.S. West Texas Intermediate rose to $74.99 per barrel, marking a 10.21% uptick.
The global benchmark Brent increased by 10.28% to $76.48 per barrel. Gold also gained 1.2% to reach $3,426.
Analysts Divided Over Israel-Iran Conflict’s Impact on Crypto
As Iran prepares for retaliatory actions, it’s clear that the impact will be felt across markets. Amid this volatility, the cryptocurrency market, particularly Bitcoin, has become a focal point of debate among analysts.
“Bitcoin’s failure to rise against gold—despite over 3.5 years of hype, including a dozen ETFs, Super Bowl ads, El Salvador, NFTs, tens of billions of leveraged buying by MSTR, other Bitcoin treasury companies, the election of a Bitcoin president, and the establishment of a Bitcoin Strategic Reserve—is strong evidence that the bubble has peaked,” Schiff said.
Another analyst echoed his view, claiming that Bitcoin is not a safe haven but more akin to a tech stock.
“It is important to understand that Bitcoin shows its true colors as Israel attacks Iran. It is not an alternative-currency, it is not a safe haven, it is a risk asset, just like another tech stock, that will decline when the market goes to a risk-off posture,” the post read.
However, crypto advocate Anthony Pompliano maintained an optimistic outlook. Drawing parallels to an earlier incident when Iran launched 300 missiles at Israel, Pompliano noted that Bitcoin rebounded to outperform both oil and gold.
“Bitcoin ended up outperforming the other two over the first 48 hours in that situation. Will be interesting to see what happens here,” Pompliano stated.
Moreover, a recent BlackRock report revealed that while Bitcoin may underperform in the short term during geopolitical shocks, it has historically rallied double digits within 60 days post-crisis, outpacing gold and equities.
Despite immediate market jitters, this suggests a longer-term bullish outlook for the cryptocurrency. Still, the divide reflects broader uncertainties about Bitcoin’s maturity as an asset, with gold’s millennia-long stability pitted against Bitcoin’s 16-year track record. As markets stabilize, analysts will closely monitor price movements, with some betting on Bitcoin’s recovery and others clinging to gold’s proven reliability.
Standard Chartered’s Head of Digital Assets Research, Geoff Kendrick, says Ethereum treasury companies now offer a better investment than US spot Ethereum ETFs.
Kendrick says publicly listed companies like Sharplink Gaming (SBET) offer better ETH exposure than the US ETFs
ETF or Stocks? Which One Provides Better Ethereum Exposure
In an exclusive statement to BeInCrypto, Kendrick explained that Ethereum purchases by these treasury firms have equaled those of ETFs since early June. Both groups have acquired 1.6% of ETH’s circulating supply over the last two months.
He emphasized that the NAV multiples—the market cap divided by the value of ETH held—have started to normalize. SharpLink Gaming (NASDAQ: SBET), one of the earliest and largest ETH-holding firms, now trades just above a NAV multiple of 1.0.
“I see no reason for the NAV multiple to go below 1.0. These firms offer regulatory arbitrage for investors. Given NAV multiples are currently just above one, I see the ETH treasury companies as a better asset to buy than the US spot ETH ETFs,” Kendrick said.
He noted that SBET’s Q2 earnings report, due August 15, will offer further insight into this growing asset class.
Ethereum Treasury Companies Accelerate
Since emerging in stealth earlier this year, Ethereum treasury companies have quietly accumulated over 2 million ETH, with Standard Chartered projecting another 10 million ETH could follow.
In the past month alone, these firms added 545,000 ETH—worth around $1.6 billion. SharpLink Gaming reportedly bought 50,000 ETH during that period, bringing its total to over 255,000 ETH.
Kendrick’s remarks come amid a broader institutional trend. As of August, about 12 public companies hold over 1 million ETH, including BitMine Immersion Technologies, Coinbase, and Bit Digital.
Combined, public firms now own 0.83% of the total ETH supply, according to CoinGecko.
Top 10 Ethereum-Holding Public Companies. Source: CoinGecko
Spot Ethereum ETFs See Inflows—and Outflows
The comments also follow turbulent weeks for Ethereum spot ETFs. After $5.4 billion in inflows during July, US ETFs saw major reversals.
On August 1, ETFs recorded $152 million in net outflows, followed by $465 million outflows on August 4—the largest ever in a single day. BlackRock’s ETHA accounted for $375 million of that.
The market partially recovered on August 5, with ETFs attracting $73 million in net inflows. BlackRock again led the charge, while Grayscale’s funds saw modest redemptions.
US Spot Ethereum ETFs Daily Net Inflow In 2025 So Far. Source: SoSoValue
Standard Chartered’s endorsement highlights a shifting dynamic in institutional Ethereum investment. With NAV multiples stabilizing and staking benefits accruing, ETH treasury firms are positioning themselves as high-efficiency alternatives to ETFs.
Investors will watch SBET’s August 15 earnings report closely. As Kendrick notes, it could further validate Ethereum treasury firms as a viable institutional-grade asset class.
