The recent surge in Cardano (ADA) price has caught the attention of investors, with a significant increase in whale activity being a major contributing factor.
The Role of Whales in ADA Price Growth
Over the past week, ADA has risen by 54%, making it one of the fastest-growing altcoins. Expert Ali Martinez predicts a rise to $6, echoing patterns from 2020. Whale activity has increased by 145% in the past month, boosting the price. Wallets holding more than $10 million in ADA have grown their investments, supported by market interest and major investor actions.
Development of Cardano's DeFi Projects
The growth of Cardano's DeFi sector also contributes to the ADA price increase. Total Value Locked (TVL) in Cardano's DeFi projects has climbed to $480.8 million, nearing its all-time high, demonstrating the rising popularity of these projects and supporting price momentum.
Market Analysis and Growth Factors
Beyond whale activity, the ADA market shows steady performance. According to Santiment data, ADA is outpacing other altcoins and strengthening against Bitcoin. Recent months see ADA surpassing competitor altcoins, with large transaction volumes up 297% in the last two weeks, indicating increased activity from major holders.
Whale activity, DeFi development, and market indicators bolster ADA's price, attracting investor interest and highlighting potential future growth.
