ADA price jumped 11.46% in a single day, reaching its strongest level since May 2022, driven by $12 billion in whale accumulation.
Cardano’s ADA ADA $0.41 24h volatility: 2.0% Market cap: $14.89 B Vol. 24h: $350.99 M experienced a notable surge, hitting a peak of 90 cents on Friday, marking its highest value in two and a half years. This increase aligns with Bitcoin’s steady approach toward the $100,000 threshold, having already crossed $99,000 earlier in the day. As Bitcoin draws widespread interest, attention has shifted toward altcoins, stimulating broader market activity.
Source: CoinMarketCap
ADA price jumped 11.46% in a single day, climbing to its strongest level since May 2022. This rise is part of a consistent upward trajectory, with the token appreciating 40% over the past week. Month-to-date growth has been impressive, with a 141% increase, boosting ADA’s market capitalization to $30.26 billion, placing its ranks as the ninth-largest digital asset globally.
Whales Accumulate $12B in ADA, Transactions Up 300%
A major factor driving ADA’s recent surge is the substantial buying by whales, or investors holding over $10 million in ADA. According to Tagus Capital, large holders now control more than $12 billion in ADA, signaling a solid vote of confidence in Cardano’s future. Additionally, on-chain data shows a 300% rise in large ADA transactions over the past two weeks, according to analytics firm IntoTheBlock.
This uptick in activity points to rising interest from institutional investors. Tagus Capital highlighted that part of this momentum stems from a positive shift in sentiment, stating:
“Some of this momentum is sentiment-driven, as previously noted, with Cardano’s founder, Charles Hoskinson, hinting at potential collaborations with the Trump administration for crypto-friendly policies”
Cardano’s technical performance further supports the positive outlook. ADA recently breached a key resistance level of $0.77, closing with a bullish hammer candle above this mark. Analysts suggest that surpassing its recent daily high could lead to a 20% increase, pushing the price towards the $1 target.
Prior to this upward move, ADA experienced a five-day consolidation phase, interpreted by traders as a bullish indicator. Historically, such periods often precede substantial rallies, and market sentiment suggests that ADA may follow this pattern. The current positive trend is backed by growing involvement from both traders and investors, reflecting widespread support for ADA’s upward trajectory.
ADA Sees 5.76% Open Interest Spike
Beyond whale investments, ADA is attracting active participation from traders. Recent data from on-chain analytics firm CoinGlass reveals that ADA’s open interest has risen by 5.76% in the past 24 hours and by 3.15% within the last hour. This uptick in open interest suggests robust trader engagement, contributing to the ongoing price rally. These indicators collectively point to a favorable buying opportunity, with many anticipating continued growth in the coming days.
Source: CoinGlass
Interestingly, despite the price surge, trading volume has decreased by 30%, indicating a shift towards larger, more strategic investments rather than high-frequency trading. This pattern of lower volume amidst rising prices often signifies strong underlying demand and the potential for further appreciation.
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