Cardano (ADA): Buying Spree by Whales Open the Path to $2

ByDawn Pipkin

Mar 31, 2022
  • Cardano price seems prepared to overcome $1.35 to explore the $2 value area.
  • ADA sees massive capital from institutional investors amid increased altcoin demand.
  • On-chain transactions worth more than $100,000 surged by 5,000% since 2022 started.

Cardano price might kick-start new upsurges due to surging capital inflow and institutional adoption. The altcoin has witnessed a massive increase in whale transactions worth more than $100,000, suggesting an upswing in wallet trader activity within the ADA ecosystem.

ADA Price Prepared for Breakout

Cardano (ADA) seems primed to recover incurred losses as the alt’s ecosystem sees colossal growth. Cryptocurrency analytic firm IntoTheBlock noted a 50-fold increase in large transfers worth more than $100,000 since 2022 started. Proponents transacted nearly 69 billion Cardano tokens on 28 March alone, signaling increasing institutional demand.

Cardano sees its institutional adoption increasing quicker as monetary giants charge towards surged ADA acceptance. For example, a NY-based ETP sponsor, Wisdom Tree, recently declared launching three new cryptocurrency exchange-traded products, including one that trails Cardano price performance.

The SEC-certified asset management firm Wave Financial revealed launching its ADA Yield Find, with $100 million as an initial investment. The program is to ensure resources and liquidity to fulfill the surging Cardano platform demand within the DeFi marketplace.

Meanwhile, a crypto analytic firm Santiment trusts massive transactions have suppressed Cardano profit-booking by whales, triggering a bullish case for the token. Historically, wale profit-booking translates to magnified selling momentum. So, the current scenario might mean a bullish signal for ADA.

A renowned cryptocurrency analyst, Ali Martinez, trusts ADA formed dependable support at $1. That is according to transaction history. Nevertheless, the alt might encounter challenges near $1.36, where roughly 690,000 addresses had bought 6.41 billion ADA tokens. Martinez believes Cardano conquering the supply wall might support upswings towards $2.

FXStreet analysts also examined ADA price movements and forecasted an upsurge towards $1.35, translating to a 12% upsurge from Cardano’s current price.

For now, the altcoin prepares for more uptrends, eyeing the $2 value area. That comes as whales went on a buying spree. Let’s check what the coming trading sessions will comprise.

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