Cardano (ADA) has shown significant growth against a backdrop of a declining crypto market. Let's examine the reasons and prospects.
Cardano Price Movement
Amidst a 4.5% decline in the crypto market capitalization, ADA price rose by 11% to 76 cents during the early European session on February 12, 2024. Cardano's fully diluted valuation grew to $34.4 billion, with a 24-hour average trading volume of $1.4 billion.
Role of Whale Investors
The demand from whale investors for ADA remains high. Network developments and decentralized governance have attracted institutional investors. According to Santiment data, whales with an account balance of at least 1 million coins have added 1.41 billion coins since November 2023, representing 2.35% of the total supply.
Future Prospects for ADA
After facing resistance at $1.1, ADA has been in a short-term correction mode. It is currently within a crucial support range of $0.68-$0.76. With a rebound above the prior descending trend, ADA is poised to rally toward its all-time high.
In the near term, Cardano's price may continue to rise, given the current demand trends among large investors and its recovery from the correction phase.
