TL;DR

• Grayscale’s Cardano ETF filing boosts confidence, with analysts eyeing targets of over $3 for ADA’s valuation if approved.
• Whales have accumulated 1.4 billion ADA since November 2023, reducing supply and potentially contributing to a 110% price increase since then.

Where Next for ADA?

Cardano’s native token is among the very few leading altcoins charting some gains on a weekly scale. It currently trades at around $0.79, or a 5% increase for that period. 

The resurgence is a consequence of several factors, perhaps the most important of which is Grayscale’s move. As CryptoPotato reported earlier this week, the largest digital asset manager filed for a Cardano exchange-traded fund (ETF) with the New York Stock Exchange. 

The product (if it receives the necessary green light) will provide investors with a regulated and accessible way to gain exposure to ADA without needing to hold the asset directly. This could have a beneficial effect on the price in the long term. 

Many analysts on crypto X support that thesis. The one using the moniker Max Brown suggested that the potential approval of the investment vehicle could come soon and fuel a rally to $3 and even higher.

Ali Martinez and Carl Moon also chipped in, albeit making less bullish predictions. The former thinks ADA “is breaking out,” envisioning a spike toward $0.83 “if momentum holds.”

Carl Moon believes the price could soar to $1.23 if it breaks a particular “falling wedge” formed in the last two months. As observed on the chart, ADA needs to surpass $0.81 for this potential surge to happen. 

Those willing to explore additional price forecasts can take a look at our dedicated article here.

The Whales’ Activity

Another element that could influence ADA’s resurgence is the actions of large investors, known as whales. Crypto analytics platform Santiment recently revealed that those holding at least 1 million tokens have been consistently accumulating since late November 2023. They purchased over 1.4 billion ADA and 2.35% of the entire supply during this period.

The coin’s price has risen by over 110% since whales restarted the buying spree. This shouldn’t come as surprise since these actions reduce the circulating supply of the asset and could make it more valuable (assuming demand remains constant or increases).

Additionally, purchases from whales often signal confidence in ADA, leading other investors to follow their example.

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