Large investors offloaded over 200 million ADA worth over $136 million last month. Nonetheless, the token's price grew by 2% during this period.
ADA Whales Sold Amid the Turbulence
Cardano experienced significant volatility in March. At the beginning of the month, the token's price reached over $1.10 due to potential policy changes in the US regarding cryptocurrencies, but quickly fell below $0.70. This instability led major holders to sell their ADA stocks, increasing the number of tokens in the market.
Price Reaction and Potential Catalysts
Despite active selling, ADA's price has risen by 2% over the past month. Some analysts believe that under favorable circumstances, the price could reach $2. A crucial factor could be the approval of a spot ADA ETF in the US.
Future Influences on ADA’s Price
The potential approval of a spot ADA ETF could serve as a significant catalyst. Investment firm Grayscale has applied to launch such a product, which could attract the attention of new investors.
Although recent ADA sales by major players have created some volatility, innovation potential and regulatory support remain crucial factors for the token's long-term price.
