ADA (ADA), which surged significantly over the past week, has entered a short-term correction phase, drawing market attention. While profit-taking sell orders have emerged, causing a slight price decline, the asset is still evaluated as maintaining the strongest upward momentum among major cryptocurrencies on a weekly basis.

According to on-chain analyst Wizzy, ADA surged approximately 27% over the past seven days, recording the highest weekly return among major cryptocurrencies. However, on this day, it saw a slight decline, briefly pausing its upward trend. Analyst Wizzy analyzed, "Price corrections following a short-term double-digit surge are generally a natural flow," adding, "There is no need to immediately interpret this as a trend reversal." In other words, the price is taking a breather as some selling volume emerges following the sharp rally.

In particular, market attention is focused on the U.S. Securities and Exchange Commission (SEC)'s review schedule for a spot Cardano exchange-traded fund (ETF), set for August 9. The outcome of this review is cited as a key variable that will influence future investment sentiment and market trends. This is because expectations surrounding ETFs and the potential integration into the mainstream financial system in the recent cryptocurrency market have been positively impacting investment sentiment for major altcoins.

However, the arrival of the review deadline does not necessarily lead to automatic approval. The consensus is that it is difficult to predict the outcome definitively, as various possibilities exist, including a delay or additional review.

The broader industry is noting that ADA continues to show strength on a weekly basis despite short-term corrections. Going forward, not only news related to the Cardano ETF but also overall market investment sentiment, trading volume, and macroeconomic conditions are expected to act as key variables in determining additional price direction.

[This article was written with the assistance of AI. This article does not constitute investment advice, and any losses arising from cryptocurrency investments may be borne by the investor.]