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Cardano price targets $2 as ADA whales go on buying spree

  • Cardano price is on track to break past $1.35 and hit $2. 
  • Institutional investors are pouring capital into ADA as the demand for the altcoin increases. 
  • The value of on-chain transactions over $100,000 has increased by 5,000% since the beginning of 2022. 

Cardano price could start an uptrend in response to the rising institutional adoption and capital inflow in the altcoin. There is a massive upswing in the volume of whale transactions, over $100,000, indicating an increase in large wallet investor activity on the altcoin’s network. 

Cardano price ready to breakout 

Cardano price is set to recover losses as proponents witness a massive growth in the altcoin’s ecosystem. 

Crypto intelligence platform IntoTheBlock has identified a fifty-fold growth in larger transactions with a value of $100,000 or more in the altcoin’s network since early 2022. Roughly 69 billion ADA tokens were transacted on March 28 alone, which is a sign of rising institutional demand.  

Large value transactions on Cardano

Large value transactions on Cardano 

Institutional adoption of Cardano is picking up at a fast pace as financial giants make moves to drive ADA adoption. For instance, WisdomTree, a New-York based exchange-traded fund sponsor, recently announced the launch of three new crypto ETPs, including one that tracks the performance of Cardano price. 

The SEC-regulated asset management company Wave Financial announced the launch of its “ADA Yield Fund” with an initial investment of $100 million. The agenda is to provide liquidity and resources to meet the increasing demand for Cardano’s platform in the DeFi ecosystem. 

David Siemer, CEO of Wave Financial, said,

We’re thrilled to continue breaking ground in the field of cryptocurrency through the creation of innovative new funds, and today we are launching what we believe is the first pure liquidity provisioning fund in crypto.

Santiment, a crypto analytics platform, believes large volume transactions have currently suppressed whale profit-taking on Cardano, fueling a bullish narrative for the altcoin. Historically, profit taking by whales increases the selling pressure on the altcoin, so this could be a bullish sign for the altcoin. 

Whale Profit-taking on Cardano

Whale Profit-taking on Cardano 

A leading crypto analyst, Ali Martinez, believes Cardano price created a stable support floor at $1, based on its transaction history. However, the altcoin could face resistance at $1.36, where 690,000 wallet addresses previously purchased 6.41 billion Cardano tokens.

According to Martinez, if Cardano price successfully breaches the supply wall, it could surge towards its target at $2. 

Analysts at FXStreet have also evaluated the Cardano price trend and predicted a rally to $1.35, representing a 12% increase from the current levels. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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