Key Notes
- Market analyst Ali Martinez reports whales have accumulated 150 million Cardano.
- ADA is on the verge of pushing for a new local high with an immediate $3 target in view.
- Currently, the coin is trading at $0.8401 in line with the bearish market trend.
Popular crypto analyst Ali Martinez has reported the accumulation of 150 million Cardano
ADA
$0.84
24h volatility:
3.7%
Market cap:
$30.59 B
Vol. 24h:
$1.28 B
coins by market whales.
They accumulated this 150 million ADA position within just two weeks, during a period when the coin was showing signs of a price rebound.
ADA Gets the Attention of Institutional Investors
The X post by Ali on ADA accumulation has sparked reactions from the broader crypto community, with many speculating whether a “big move” is looming.
Some enthusiasts suspect that these whales are loading up ahead of a potential pump. Some analysts predict that ADA is on the verge of reaching a new all-time high, with a potential target of $3.
At the time of writing, ADA is trading at $0.8401, down 3.77% over the past 24 hours and 11.24% over the last week.
This decline has caused it to underperform relative to Bitcoin
BTC
$113 115
24h volatility:
0.3%
Market cap:
$2.24 T
Vol. 24h:
$36.04 B
and Ethereum
ETH
$4 365
24h volatility:
2.0%
Market cap:
$517.79 B
Vol. 24h:
$32.16 B
.
Previously, ADA held firm around $0.88, maintaining key support at $0.85, while bulls are targeting a potential $1 breakout.
According to analysts, the critical support zone near $0.84 to $0.85 is crucial as it could go a long way in determining the next major move of ADA price.
Even with the current performance of the digital assets, there is still a lot of optimism around Cardano. In this year alone, institutional demand and adoption of the coin have seen a notable spike.
A few days ago, it was reported that top asset management firm Grayscale is eyeing the listing of a spot Cardano Exchange Traded Fund (ETF).
It was confirmed that the Grayscale Cardano Trust ETF has been registered in Delaware, further underscoring institutional interest. Generally, ADA’s total institutional holdings in custody have now exceeded $900 million.
Large investors are not focused on the short-term speculation around ADA but on the structural value of the coin. This explains their continued large-scale investment in the asset.
Cardano seems to have successfully met certain requirements that institutions look for when considering expansion or diversification of their portfolio.
These include liquidity, reliable infrastructure, a maturing ecosystem, steady transaction volumes, and ongoing development, among other factors.
TOKEN6900 Presale Hits $2.3M as Crypto Investors Rush In
Another crypto making waves alongside ADA is TOKEN6900. Smart investors are eyeing both for a well-rounded, high-potential portfolio.
TOKEN6900’s presale has already raised $2.3 million, making it one of the best crypto presales of the season. Early backers are jumping in fast to secure their share of this promising project.
Current Presale Stats
Current Price: $0.00705
Amount Raised So Far: $2.37 million
Ticker: TOKEN6900
Hard Cap: $5 million
If you’re interested in joining the presale, feel free to check out our guide on how to buy TOKEN6900.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
Godfrey Benjamin on X
Source: https://www.coinspeaker.com/cardano-whales-accumulate-as-ada-hits-0-9/
