In the past three days, large investors, known as whales, have acquired 130 million ADA as the token's price entered consolidation.
Whales Accumulate as Market Holds Steady
Ali Martinez posted on X and disclosed that whales have accumulated over $94 million worth of ADA in just three days. This indicates strong confidence among big investors despite market uncertainty. Historically, such large transactions have often preceded price rallies. Market data shows Cardano is ranked eighth in the global crypto market, with a price of $0.7000 at the time of writing, a 6.72% decline in the last 24 hours.
Regulatory Concerns and Market Sentiment
Cardano has also been in the news due to discussions with the US SEC. Analysts believe a new pivot with the SEC could affect ADA similarly to other altcoins. Recently, the SEC delayed the approval of Grayscale's Cardano ETF to May 29, following a usual regulatory caution pattern for crypto ETF applications.
Where Is Cardano Price Heading?
With whales purchasing ADA and Coinbase preparing for futures trading, traders eye key price levels. Analysts suggest breaking above $0.75 could signal a move towards the $0.80 – $1 range, supported by demand. However, if the price falls below $0.70, further corrections and increased volatility might follow.
The cryptocurrency market remains uncertain, especially with whale activity and regulatory changes. Cardano's potential growth might be supported by large investor interest and the introduction of ADA futures, while regulatory factors could bring short-term instability.
