Cardano Price Surges 29% After T. Rowe Price ETF Inclusion
T. Rowe Price's Active Crypto ETF has given Cardano (ADA) a fresh boost after adding the asset to its portfolio. The fund, which oversees $1.87 trillion in assets, initially held major cryptocurrencies like Bitcoin and various altcoins.
However, ADA did not appear among the initial holdings until recently when it was added with a 0.43% allocation. This move has helped reverse ADA's weakness after Grayscale withdrew its Cardano ETF application on August 10, contributing to a sharp decline in ADA's price.
The addition of T. Rowe Price's ETF inclusion and positive sentiment returning across risk assets have supported the latest rally. On-chain data also suggests stronger activity across Cardano's decentralized finance ecosystem, with decentralized exchange volumes increasing from $4.15 million on August 20 to $16.1 million by August 22.
The technical setup remains constructive despite short-term profit-taking, with ADA currently trading above both the 50-day and 100-day EMAs. If bulls can break above the critical $0.249 resistance level, ADA could target $0.29.