Cardano’s native cryptocurrency, ADA, is garnering considerable attention from large-scale investors, indicating a potential strong comeback. Data from IntoTheBlock reveals that Cardano whales have increased their holdings by 11% in the past month, now controlling nearly 7% of ADA’s total supply.
While Bitcoin and other altcoins have experienced a resurgence in the wake of the spot Ether ETF approval, Cardano’s ADA stands out as a particularly strong performer. At present, the price of Cardano (ADA) has risen by 7.47% to surpass $0.50, with a market cap of $18 billion.
Furthermore, the daily trading volumes for Cardano have witnessed a staggering 80% surge, exceeding $600 million. This recent development has caught the attention of large-scale investors, commonly referred to as “whales.” Their growing interest in ADA could potentially lead to a significant resurgence for the world’s tenth-largest cryptocurrency.
Data from IntoTheBlock also reveals an interesting trend: Cardano whales, who hold over 100 million ADA tokens, have increased their holdings by 11% in the past month. This accumulation suggests that these influential investors are positioning themselves by acquiring more promising assets, which is a bullish sign.
Confidence in Cardano extends beyond whales, as retail investors are also participating in the bullish trend. Additional data from IntoTheBlock indicates a positive bid-ask volume imbalance for ADA, indicating that buying pressure outweighs selling pressure. Moreover, the ‘In The Money’ metric, which assesses the profitability of current holders, has turned positive.
Aside from investor sentiment, overall confidence in the Cardano ecosystem is growing. According to DeFiLlama, the Total Value Locked (TVL) on Cardano has increased by over 5% in the past week. TVL is a crucial metric in the DeFi space, reflecting the total value of assets staked or locked in the network’s smart contracts, highlighting the increasing utilization and trust in the platform.
Several prominent crypto analysts are predicting a significant rally for Cardano. World of Charts, an analyst, has confirmed ADA’s breakout and expects the token to reach $1 in the coming weeks. Similarly, Trend Rider, another analyst, has identified a bullish pattern for Cardano, anticipating ADA to hold above the $0.5 level in the short term.
Dan Gambardello, founder of Crypto Capital Venture, has also shared his insights on Cardano’s price movements. He has highlighted ADA’s surpassing of its 20-day moving average (MA) and the formation of a golden cross on Cardano’s daily chart, where the 50-day MA crosses above the 200-day MA.
With the resurgence of whale activity, robust retail investor interest, and increasing confidence in Cardano’s ecosystem, ADA’s outlook appears promising. Coupled with bullish predictions from several analysts, this suggests that Cardano could be on the verge of a significant resurgence.