Cardano (ADA) has experienced a notable surge of 8% in the past month, approaching the resistance level at $0.76 since March. This recent performance is attributed to increased community engagement and market interest, potentially leading to new highs this coming day. 3rd-Party analysis suggests that Cardano’s popularity might reach new heights as it ranks #2 for community support on CoinMarketCap behind Bitcoin. This strong community sentiment, according to a TapTools X post, was further bolstered by over 4,844 community votes with 87% of voters feeling bullish about ADA’s future. The coming SEC decision on Grayscale’s spot ADA ETF application on May 29th is anticipated to be a game-changer. The SEC has been given an extended time frame (until May 29) due to the initial April 14th deadline, which was later extended by 45 days. If approved, this could significantly increase institutional investment and drive ADA’s price above its resistance level. Cardano’s growing DeFi landscape is also contributing to the positive momentum. The total value locked (TVL) on Cardano’s DeFi platforms stands at around $346.12 million. Although this number might be smaller compared to some other blockchains, it still shows substantial growth in decentralized finance applications on Cardano. 48 active DeFi apps on the network provide opportunities for lending, borrowing, and yield farming. Several projects, such as Indigo, offer competitive yields, like 28% on stablecoins and 20% on Bitcoin-wrapped assets; however, these rewards are often paid in native tokens, which can affect investor interest. Overall, ADA’s price is bullish, but the market remains uncertain pending the SEC decision on the ADA ETF tomorrow. Technical analysis suggests a potential rally is underway, with ADA displaying a bullish flag pattern and a relatively low RSI score of 48 on the daily timeframe.