Cardano (ADA) is attracting heavy attention from crypto whales and institutional watchers after a massive $157 million accumulation in just 48 hours. On-chain data shows that the 200 million ADA tokens changed hands in large-scale purchases, lifting whale holdings to 10.3% of total supply.
Analysts point out that this mirrors the 2021 accumulation pattern that preceded ADA’s parabolic rally. The move comes as Cardano exchange-traded fund (ETF) approval odds have surged from 60% to 75%, according to Polymarket data.
If granted, such approval could open the door for pension funds, hedge funds, and other institutional players to gain easy exposure to Cardano, a development that could significantly amplify demand.
Technical Picture Points to a Potential ADA Breakout
Currently, ADA trades near $0.78 after a brief pullback from last week’s rally above $0.80. The $0.82–$0.83 resistance zone remains the key short-term barrier. A decisive break above it could send ADA toward $0.93, with the psychological $1 mark in focus. Beyond that, analysts have floated $2 as a longer-term target if momentum accelerates.
Support remains strong at $0.70, where ADA has consistently bounced since mid-2023. Higher lows on the weekly chart suggest accumulation, and open interest in ADA derivatives has reached $1.44 billion, one of the highest levels in months.
While this surge signals growing trader participation, it also sets the stage for heightened volatility.
Technical indicators remain balanced, with the Relative Strength Index (RSI) near neutral, leaving room for further upside. Moving averages on the 20-day and 50-day timeframes still point to a constructive trend.
Perfect Storm Brewing for Cardano (ADA)
The convergence of whale accumulation, rising ETF approval odds, and supportive technicals has many traders calling this a “perfect storm” for Cardano. Market analyst The Cryptomist suggests that if ADA can clear its current resistance, it could trigger a chain reaction of buying similar to the 2021 run.
Still, traders remain cautious, noting that failed attempts at $0.83 could lead to a retest of $0.70 or even $0.60. For now, the balance between support and resistance is holding, but pressure is building.
If the ETF green light arrives and whales maintain their buying spree, ADA could be on the verge of one of its most significant breakouts in years.
Cover image from ChatGPT, ADAUSD chart from Tradingview