By Nermeen Nabil Khear 
TLDR
- Cardano (ADA) has experienced a 15% price surge, reaching $0.78, with analyst Ali Martinez suggesting potential movement to $0.83
- Whale wallets holding over 1 million ADA have accumulated 1.41 billion ADA (worth $1.096 billion) over a 15-month period
- Grayscale Investments has filed for a spot ETF application to track ADA’s price, adding institutional interest
- The recent Plomin hard fork implementation introduced community governance features
- Price has shown resilience above the 200-day EMA at $0.72, suggesting technical strength
Cardano’s ADA token has shown remarkable resilience in recent trading sessions, bouncing back with a 15% surge to reach $0.78. The recovery comes as data reveals sustained accumulation by large holders and growing institutional interest in the digital asset.
Data from analytics firm Santiment indicates that whale wallets holding over one million ADA have been on a consistent buying streak since November 2023. These large holders have accumulated approximately 1.41 billion ADA tokens, valued at over $1.096 billion, representing 2.35% of the total supply.
The accumulation pattern has coincided with a broader market recovery for Cardano. Since the whale buying trend began, ADA’s price has increased by 107%, demonstrating the impact of large-scale purchases on market dynamics.
Technical analysis suggests further upside potential for the token. Crypto analyst Ali Martinez has identified a breakout pattern that could push ADA toward the $0.83 level if current momentum holds. The price has maintained position above the critical 200-day exponential moving average (EMA) at $0.72, providing a foundation for potential further gains.
The recent implementation of the Plomin hard fork has introduced community governance features to the Cardano network, marking a first in the cryptocurrency industry. This development has enhanced the platform’s technical capabilities and appeal to long-term holders.
Adding to the positive momentum, Grayscale Investments has filed for a spot ETF application to track ADA’s price. This move signals growing institutional interest in Cardano and follows the broader trend of traditional finance entering the cryptocurrency space.
Market data shows that ADA faced initial resistance at the $0.85 level, struggling to break through and reclaim liquidity zones above $0.80. However, the token’s ability to hold above key support levels has maintained bullish sentiment among traders and analysts.
Whale Activity
The whale accumulation trend has been particularly notable during market downturns. Santiment’s data reveals that large holders increased their positions as the price retreated from previous highs, suggesting confidence in Cardano’s long-term prospects.
Cardano’s recent price action comes after a period of volatility that saw the token drop by over 61% from early December highs. The current recovery phase has helped rebuild market confidence, though traders remain cautious about potential near-term fluctuations.
Trading volumes have shown healthy increases during the recent price surge, indicating broad market participation beyond whale activity. The sustained buying pressure has helped establish new support levels for ADA.
The combination of technical improvements through the Plomin hard fork and institutional interest via the Grayscale ETF filing has created multiple catalysts for potential price appreciation. These developments have occurred against a backdrop of sustained whale accumulation.
Market observers note that the price recovery has maintained steady momentum without excessive volatility, suggesting organic buying pressure rather than speculative trading. This pattern often indicates more sustainable price movement.
Data shows that the number of active addresses on the Cardano network has increased during this period, pointing to growing user engagement with the platform. This metric often correlates with long-term price stability.
The technical picture for ADA remains positive as long as the price maintains above the 200-day EMA. Analysts are watching for a potential break above $0.85, which could open the path to higher price levels.
Current trading data shows ADA at $0.7731, representing a 4.75% daily decline from recent highs. Despite this minor retracement, the overall trend remains supportive of continued price recovery.
The post Cardano (ADA) Price: Breaks Above Key Resistance as Grayscale Files for ETF appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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