Cardano (ADA) has gained substantial attention, with the prospect of its price reaching as high as $10 resurfacing across social platforms. The recent surge in network activity, especially from ADA whales, has contributed to the bullish sentiment around the coin, placing Cardano among the top promising altcoins.
Network Activity and Whale Movement
Data from Santiment reveals that ADA whales made a significant move when Cardano’s price briefly surpassed $1.13, marking the most significant whale activity seen in the last three months. These whales are making transactions valued at $100,000 or more in ADA, which has led to 1,132 whale transactions on the network as of March 4. The increase in whale transactions signifies heightened market confidence and indicates a larger number of ADA tokens entering regular circulation, potentially driving prices higher.
Cardano Price and the $10 Target
At the time of writing, Cardano’s price stands at $0.9369, reflecting a 9.82% rise in the past 24 hours. While the coin has been trading in a narrow range, its fundamentals support the possibility of a breakout towards the $10 mark. With 35% growth in the past week and strong open interest in futures (now at 905.62 million ADA, worth over $842 million), Cardano seems poised for further price action.
ETF Catalyst and Cardano’s Growing Appeal
A major driver for this bullish sentiment is the potential for Cardano to launch an ETF. The United States Securities and Exchange Commission (SEC) has acknowledged Grayscale’s application for an ADA ETF, adding a layer of legitimacy and potential for greater institutional adoption. This, along with advancements in Cardano’s decentralized governance (such as the Plomin hard fork), positions ADA as an asset with the potential to lead the next altcoin season.
With all the positive developments surrounding Cardano’s technological advancements, whale activity, and ETF prospects, ADA may be on track to reach new heights, potentially breaking through critical price levels like $10.
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