Cardano (ADA)’s price continues to climb alongside Bitcoin’s rally, fueled by gold’s surge. Over the past week, ADA saw a 10% increase, reaching around $0.645 on April 15th in mid-London trading. This momentum is also reflected in Cardano Futures Open Interest (OI), which has grown by approximately 3.13% within the last 24 hours to reach around $632 million. Analysis reveals a shift among ADA whales. Notably, large cryptocurrency holders have recently offloaded over 100 million coins, reducing their holdings from roughly 5.65 billion ADA coins worth about $3.64 billion. ➡️ [link to Twitter](https://twitter.com/ali_charts/status/1911933237137641845?s=46)
Technical Signals Suggest Consolidation
Expert analysis reveals a potential consolidation pattern in Cardano’s price chart, similar to the 2021 bull cycle. However, this time, the unique landscape has been shaped by factors like geopolitical and economic events.
From technical perspective, ADA price appears poised for a parabolic rally towards $1.38 in the near future. The market could potentially consolidate between 74 cents and 55 cents before this anticipated surge.
A strong bullish trend is being fueled by growing Cardano’s ecosystem.
Cardano’s TVL has reached $298 million, with a stablecoin market cap of $31 million, showcasing the growing adoption within the Web3 space. The U.S. SEC’s acknowledgement of Cardano as a strategic cryptocurrency with potential for government contracts, particularly in education, further boosts ADA’s popularity.