Cardano Price Nears $1 Milestone as Hoskinson Teases August Audit Report Release

The Cardano price has soared 3.76% in the last 24 hours, to trade at $0.8647, on a 72.99% pump in the daily trading volume, to $1.84 billion.

Cardano Hurtles to $1 As Audit Report Set for Release

The surge in ADA price comes as Cardano founder Charles Hoskinson announces that the audit report will be released in August 2025. The audit focuses on Input Output Global’s (IOG) treasury holdings, following community concerns over unexplained ADA movements and allegations of misappropriation totalling $600 million.

Hoskinson denies any wrongdoing, clarifying that most of the disputes ADA had already been claimed by rightful owners, and that the remainder was donated to Intersect, Cardano’s governance organisation, after a seven-year waiting period

Hoskinson also wants full transparency: he got the first draft of the audit, asked for more details, and promised to share the final version with everyone.

Once available, Hoskinson plans to read the entire report live and host it on a dedicated website, alongside other historical documents related to Cardano’s early token distribution. The founder has also suggested legal action against those spreading baseless allegations.

Cardano Price Builds Momentum Toward Key Price Level

Cardano is capturing the crypto spotlight as its price rallies toward the $1 mark for the first time in over a year. The ADA chart shows a 28% rise during the week, hitting intraday highs above $0.85, and trading volumes in months. The positive shift follows a price breakout, indicating a bullish continuation.

ADA has rallied past its 50- and 200-day moving averages, which act as key support price points at 0.6508 and 0.7463, respectively. Additionally, this move invalidates previous bearish patterns and gives buyers the upper hand. The next immediate resistance is $0.8955; above this, a move to $1 is increasingly likely.

ADAUSDT Analysis Source: Tradingview

Cardano is currently trading at $0.8664, with the daily chart displaying a classic rounded bottom pattern forming from mid-June through July, and a rising channel. These patterns suggest a transition from a bearish trend to a bullish trend, indicating accumulation by buyers and a potential longer-term trend reversal.

Meanwhile, the momentum signals are upward. The MACD is in positive territory, showing growing bullish momentum, but histogram bars are shortening, signalling a potential for momentum slowdown. Moreover, the Relative Strength Index (RSI) is at 81.78, indicating the asset is in an overbought zone, a short-term reversal signal.

The impending release of the audit report has had a visible impact on market sentiment. Beyond the audit, other factors are contributing to ADA’s momentum. Cardano is progressing with its Hydra scaling solution and expanding support for smart contracts, which are key for long-term growth.