Cardano’s Price Stabilizes as Whales Accumulate
Cardano (ADA) has been hovering around $0.70 this week. Despite the stability, there are signs of a potential rebound.
Whales are showing interest in Cardano. According to Santiment data, whales holding between 10 million and 100 million ADA coins now own 12.8 billion, up from 12 billion in January. Those with 100 million to 1 billion coins have increased their holdings to 3.14 billion from 2.6 billion in March.
Staking data also reflects this demand. Investors have added 307 million ADA tokens, worth $215 million, in the last 30 days.
Three factors could drive this accumulation. First, a rising Bitcoin price could boost altcoins. Standard Chartered predicts Bitcoin could hit $200,000 by Q4. Second,the SEC might approve a spot Cardano ETF under Paul Atkins,increasing institutional demand. Third, Cardano’s integration with Bitcoin could enhance its role in decentralized finance, offering monthly returns to Bitcoin holders.
Technically, ADA is consolidating near key resistance levels. It’s near the 50-day and 100-day EMA. It’s also near the upper side of a falling wedge pattern.
Three factors could drive this accumulation. A rising Bitcoin price, potential SEC approval for a Cardano ETF, and Cardano’s integration with Bitcoin for better returns.
Technical analysis suggests a bullish breakout. If it breaks the wedge,Cardano could reach $1.176, the neckline of a double-bottom pattern.
