Cardano (ADA) demonstrates signs of recovery after pressure from large investors who sold a significant amount of coins. Concurrently, expectations for ETF approval and active project development in the Cardano ecosystem are rising.
Recent Selling and Price Drop
Last week, whale investors offloaded over 270 million ADA coins, causing a sharp price dip to $0.61 on June 5. According to CoinMarketCap, ADA struggled to break the $0.68 resistance level and remained under its moving averages during the downturn.
Recovery Support: ETF Anticipation and Developer Activity
The onset of the new week saw a change in momentum, with ADA resuming positive movement. On June 15, the price traded between $0.63 and $0.64, recording a 3.1 percent daily increase to $0.645 at press time. Daily trading volume increased by 25.7 percent to $471.9 billion, indicating higher market activity. A key factor driving this recovery is the growing anticipation of a possible Cardano exchange-traded fund (ETF), with Bloomberg analysts raising approval odds to 75%. Currently, over 2,004 active crypto projects are running on the Cardano ecosystem.
Growth Prospects and Market Conditions Impact
Furthermore, broader positive trends in the crypto market played a role. Bitcoin, for instance, saw a 1.9% increase, which supported overall sentiment around ADA. This combination of improving fundamentals and external market strength has allowed ADA to resist further declines. Despite the whale sell-off, positive catalysts have kept Cardano among the top 10 cryptocurrencies by market cap.
Thus, Cardano (ADA) shows potential for further growth driven by ETF approval expectations, increased developer activity, and overall improvement in market conditions.
