Cardano (ADA) is making headlines as whales increase their holdings and institutional interest continues to grow. Many investors wonder if this momentum will push ADA to new highs, possibly reaching $10. The latest on-chain data, futures activity, and ETF speculation suggest that a significant breakout may be on the horizon.
Whale Transactions Signal a Potential ADA Surge
Large investors, known as whales, are showing strong interest in Cardano. Recent data from Santiment revealed a surge in whale transactions as ADA reached $1.13, its highest price in three months. Over 1,132 transactions exceeded $100,000, and more than 2,671 large transfers occurred as ADA crossed the $1.13 threshold. The mean dollar invested age also dropped to 529.05 days, indicating that long-term holders are actively moving their assets.
Historically, increased whale activity often signals an upcoming rally. When big players accumulate tokens, prices tend to rise as liquidity and demand increase. With whales positioning themselves, ADA could be gearing up for a significant move in the coming weeks.
Can ADA Reach $10? Key Indicators to Watch
Cardano’s price currently sits at $0.9369, marking a 9.82% gain in the past 24 hours. Over the past week, ADA has surged 35%, following an 80% rally earlier in 2024. Market momentum appears strong, with futures open interest rising 6% in 24 hours, now totaling $842.04 million.
Traders and analysts believe ADA has room for further growth. A break above critical resistance levels could fuel a sustained uptrend. With increased speculative demand and strengthening technical indicators, Cardano could move toward higher price targets, bringing the possibility of a $10 valuation closer than many expect.
Institutional Adoption and the ADA ETF Impact
Beyond on-chain metrics, institutional interest is driving bullish sentiment for Cardano. The U.S. Securities and Exchange Commission recently acknowledged Grayscale’s ADA ETF application, placing Cardano among other major cryptocurrencies awaiting regulatory approval. If the ETF receives approval, it could lead to a surge in institutional investments, much like Bitcoin and Ethereum experienced after their respective ETFs launched.
Network developments are also strengthening investor confidence. The recent Plutus and Plomin hard forks introduced governance enhancements, making Cardano’s blockchain more efficient and attractive for enterprise adoption. Additionally, Cardano’s founder, Charles Hoskinson, has advocated for using blockchain technology to track government spending, positioning Cardano as a leading solution for transparency and accountability.
With these developments in play, an ADA ETF could serve as a catalyst for further price appreciation. If institutional funds start flowing into Cardano, its market cap could expand significantly, pushing ADA toward higher valuations.
Cardano Price Prediction: What Comes Next?
ADA is currently trading at $0.9485, reflecting a 0.98% daily increase. The price is holding above the $0.9027 support level, which has served as a strong foundation for recent bullish movements. If ADA maintains its momentum, it could soon test the $1.0338 resistance level.
A breakout above $1.0338 would confirm a bullish trend and could drive ADA toward the next key resistance at $1.1883. The 50-day exponential moving average at $0.8061 provides additional support, reinforcing the uptrend. However, if ADA fails to sustain its current levels and drops below $0.9027, selling pressure could push the price toward $0.7572.
Traders should watch volume trends and overall market sentiment. Increased trading activity and sustained buying pressure would validate the bullish outlook. On the other hand, declining volume and weaker support levels could signal a potential correction before the next rally.
Final Thoughts: Is Now the Time to Buy ADA?
Cardano continues to show strong signs of growth, with whale accumulation, ETF speculation, and increasing futures activity pointing toward a bullish trajectory. The cryptocurrency market remains volatile, but ADA’s fundamentals suggest long-term potential for further price appreciation.
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Investors should keep an eye on key resistance levels and monitor developments related to the ADA ETF. If the bullish trend holds, Cardano could be on track for a major breakout. Whether ADA reaches $10 will depend on sustained momentum, institutional inflows, and broader market conditions.
