Hoskinson Just Dropped BOMB: $1 ADA Catalyst - Coinspeaker

Key Notes

• ADA price rose 5.2% as trading volume surged 40%, per CoinMarketCap.
• Hoskinson introduced the Cardinal Protocol, enabling Bitcoin DeFi on Cardano.
• The Cardinal Protocol may be the fuel needed to spark the ADA price rally.

Cardano

ADA $0.69

24h volatility: 3.0%

Market cap: $25.06 B

Vol. 24h: $706.93 M

has seen a 5.2% price surge as its 24-hour trading volume jumped 40% on June 10, according to CoinMarketCap. This growth came shortly after Cardano founder Charles Hoskinson unveiled the Cardinal Protocol, which is the first Bitcoin DeFi protocol on the Cardano blockchain.

Cardinal allows users to wrap Bitcoin UTXOs (unspent transaction outputs) into DeFi-compatible assets, enabling lending, staking, and borrowing.

Its core feature is the Wrapped UTXO primitive, creating 1:1 pegged assets that can be moved on-chain or with Ordinals, and later burned to release Bitcoin

BTC $109 483

24h volatility: 2.2%

Market cap: $2.18 T

Vol. 24h: $39.35 B

. Cardinal leverages Cardano’s eUTXO model, similar to Bitcoin’s, and utilizes a secure multisig setup (MuSig2) for locking Bitcoin, eliminating traditional custodial risks.

Unlike older wrapped BTC models, Cardinal is trust-minimized, allowing cross-chain use with Ethereum

ETH $2 693

24h volatility: 6.8%

Market cap: $325.22 B

Vol. 24h: $26.91 B

, Solana

SOL $159.0

24h volatility: 2.9%

Market cap: $83.50 B

Vol. 24h: $4.14 B

, and Avalanche

AVAX $21.71

24h volatility: 4.6%

Market cap: $9.16 B

Vol. 24h: $467.31 M

. Assets remain secure with no rehypothecation, and peg-in/peg-out processes are fraud-proofed.

Cardinal integrates BitVMX for verifiable off-chain logic and offers broad Ordinal utility: DeFi yield, collateral, auctions, lending, and more.

Though not yet production-ready, the first Bitcoin Ordinal has been successfully wrapped and unwrapped between Bitcoin and Cardano mainnets. Enhancements are in progress for the 1.0 release, as per the announcement.

Can ada price hit $1 again?

At the time of writing, ADA is trading around $0.698 with a market cap of $24.62 billion. On the daily chart, the RSI sits just below the neutral 50 line, suggesting weak momentum but potential for upside if bulls regain strength.

ADA price chart with RSI and Bollinger Bands | Source: TradingView

Meanwhile, the price is hovering just below the middle Bollinger Band (20-day SMA), currently around $0.7085, indicating a potential reversal zone.

The Bollinger Bands are narrowing, signaling an imminent breakout. A sustained break above the midline could lead the cryptocurrency to test $0.77 resistance.

According to popular crypto analyst Ali Martinez, ADA could confirm a massive rally if it closes above this resistance.

Last week, crypto investor Gordon said ADA will “moon hard” this cycle, eyeing a return to $1, a level last seen in March.

The Cardinal Protocol may just be the fuel needed to spark that rally.

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