Cardano’s price has been steadily climbing after a recent dip, with large investors known as whales accumulating a significant amount of tokens. Santiment data reveals that these whales added 100 million ADA coins to their holdings within the past 24 hours, raising total holdings in this range to around 18.65 billion coins. This surge has fueled anticipation about the future of ADA and its price trajectory. Analyst Javon Marks believes that these buying patterns could mirror past market cycles, potentially leading to a price surge towards $8 – representing a remarkable increase of over 740% from current levels.
Despite recent price volatility, the recent accumulation shows larger investors are positioning at lower prices. This strategy has historically proven beneficial in supporting token prices during corrections. Additionally, the derivatives market is showing signs of increasing bullish activity with ADA futures open interest dropping but trading volume falling too. The funding rate flipped positive to 0.0072%, signifying increased long-trader activity and suggesting a potential price rally.
Furthermore, institutional investors are now focusing on Cardano, as Grayscale recently launched an ADA trust for its Delaware-based clients, fueling speculation about a possible spot ETF in the near future.
This influx of activity has raised questions about Cardano’s future momentum and if the price surge is just around the corner.