Cardano (ADA) recently experienced a notable 22% surge, climbing from $0.66 to over $0.81. This occurred amid growing institutional interest and accumulation by large investors.
Cardano's Rapid Price Surge
Recently, Cardano (ADA) experienced a significant price increase of 22%. Following this surge, market volatility led to ADA consolidating in the $0.75-0.77 range. This price action has caught the attention of investors and analysts worldwide.
Institutional Interest and ETF Filing
Grayscale's filing for a Cardano ETF highlighted growing institutional interest in ADA, potentially driving the current surge. According to Santiment, Cardano managed an 11% rise during a general market downturn, underscoring its strength.
Whales and Sharks Driving ADA Growth
Since November 2023, large investors have added approximately 1.41 billion ADA, valued at $1.096 billion, to their portfolios. This represents 2.35% of ADA's entire supply, indicating strong confidence from institutional and wealthy investors. Such accumulation often creates natural price support levels and reduces overall selling pressure.
Sustained purchasing pressure from large holders often suggests long-term confidence in an asset. However, investors should note that the market remains susceptible to volatility, especially if these large holders decide to take profits.
