Over the past 24 hours, ADA has experienced a remarkable 10% increase, climbing to $1.08 on platforms like Coinbase. This surge marks the highest price ADA has seen since May 2022. The upward momentum doesn’t stop there; this week alone, ADA has risen by 40%, and its gains for the month have skyrocketed to an impressive 215%.

Source: Brave New Coin Cardano Market Cap.

Such robust performance has boosted ADA’s market capitalization to $30.85 billion, securing its position as the tenth-largest digital asset globally. This rally is not just a fleeting spike but is supported by substantial accumulation from large investors, commonly referred to as whales. Tagus Capital reports that these major holders now possess over $12 billion in ADA, signaling strong confidence in the cryptocurrency’s potential.

ADA Whale Transactions Up 300% in Two Weeks

On-chain activity data further validates the involvement of whales and institutional players. Analytics firm IntoTheBlock reveals that large transactions involving ADA have surged by 300% over the past two weeks. This spike indicates sustained interest and investment from significant market players, suggesting that ADA’s recent rally may have lasting power.

“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,” said Tagus Capital highlighted in their daily newsletter, pointing to the increased large transactions.

Cardano’s technical outlook remains positive as well. The cryptocurrency has formed a strong bullish price action pattern on its daily charts, which is attracting more traders and investors. This pattern, coupled with the increasing participation from the market, indicates a favorable environment for ADA to continue its upward trajectory in the coming days.

ADA Open Interest Rises 5.76% in 24 Hours

Beyond whale activity, traders are actively engaging with ADA, contributing to its price momentum. Recent data from Coinglass, an on-chain analytics firm, shows that ADA’s open interest has climbed by 5.76% in the last 24 hours and by 3.15% within the past hour. This increase in open interest suggests robust trader participation, further fueling the cryptocurrency’s rally.

Source: Coinglass

 

These trends present what analysts describe as a “perfect buying opportunity,” hinting at the potential for ADA to continue its ascent. The combination of strong whale support and active trader engagement creates a solid foundation for sustained growth.

Expert technical analysis supports this optimistic outlook. ADA has successfully broken through a significant resistance level at $0.77 and recently closed a bullish hammer candle above this threshold. If ADA manages to surpass the previous high marked by the daily candles, it could climb by another 20%, potentially reaching the $1 mark in the near future.

ADA’s Breakout Signals Bullish Momentum Ahead

Prior to its recent breakout, ADA underwent a five-day consolidation period. Traders and investors interpreted this phase as a bullish indicator, potentially driven by Charles Hosking’s recent talk with White House policy roles. Historically, when an altcoin breaks out from a consolidation zone, it often experiences substantial rallies, and ADA appears to follow this pattern.

Despite this price increase, trading volume has dipped by 30%, indicating a slight reduction in trader participation compared to the previous day. Nevertheless, the overall trend remains positive, with both whale activity and trader interest driving ADA’s continued rise.

Strong market performance, significant whale holdings, and active trader engagement position ADA as a noteworthy contender in the cryptocurrency landscape. Whether ADA can sustain its impressive growth and reach the coveted $1 milestone remains to be seen, but the current indicators point to a promising future for the digital asset.