Photo by Executium on Unsplash

Bitcoin and the broader altcoin market have recorded a strong resurgence amid the news of the spot Ether ETF approval. However, one altcoin that’s particularly showing strength is Cardano’s native cryptocurrency, ADA. As of press time, the Cardano (ADA) price is up 7.47% to above $0.50 with its market cap touching $18 billion.

Moreover, the daily trading volumes for Cardano have surged by a staggering 80% to over $600 million. This latest development has caught the attention of large-scale investors, commonly dubbed “whales” as reported by Crypto News Flash. This could potentially lead to a strong comeback for the world’s tenth-largest cryptocurrency.

Data from IntoTheBlock reveals a notable trend: Cardano whales, who hold over 100 million ADA tokens, increased their holdings by 11% last month, now controlling nearly 7% of Cardano’s total supply. This accumulation is bullish, suggesting that these influential investors are positioning themselves by acquiring more promising assets.

Confidence in Cardano isn’t limited to whales. Retail investors are also participating in the bullish trend. Additional data from IntoTheBlock shows a positive bid-ask volume imbalance for ADA, indicating that buying pressure outweighs selling pressure. Furthermore, the ‘In The Money’ metric, which assesses the profitability of current holders, has turned positive.

Beyond investor sentiment, overall confidence in the Cardano ecosystem is rising. According to DeFiLlama, the Total Value Locked (TVL) on Cardano increased by more than 5% in the last week. TVL is a crucial metric in the DeFi space, indicating the total value of assets staked or locked in the network’s smart contracts, reflecting the growing utilization and trust in the platform.

Cardano (ADA) Price Forecast to $1

Several prominent crypto analysts are predicting a significant rally for Cardano. An analyst known as World of Charts has noted that ADA’s breakout is confirmed and anticipates the token reaching $1 in the next few weeks, per the Crypto News Flash report.

Similarly, another analyst, Trend Rider, has identified a bullish pattern for Cardano. They observed a rise in ADA’s price following a bullish signal on the daily chart and expect ADA to hold above the $0.5 level in the short term.

Dan Gambardello, founder of Crypto Capital Venture, also shared his insights on Cardano’s price movements. He highlighted that ADA is surpassing its 20-day moving average (MA) and mentioned the formation of a golden cross on Cardano’s daily chart, where the 50-day MA crosses above the 200-day MA.

The resurgence of whale activity, robust retail investor interest, and increasing confidence in Cardano’s ecosystem present a promising outlook for ADA. These factors, coupled with bullish predictions from several analysts, suggest that Cardano could be on the brink of a significant resurgence.

More By This Author:

Litecoin Price Prediction: Will LTC Hold $70 Or $100 Breakout Occur?
Shiba Inu Set For Massive Gains, But Why RCO Finance (RCOF) Could Outperform
Is XRP About to Boom? Experts Say a 3000% Surge is Possible