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Despite a downward trend in the cryptocurrency market, the price of Cardano 
$0.740067 (ADA) has demonstrated a consistent rise over the past three days. Since the beginning of the week, ADA has increased by over 11%, trading around $0.76 during Wednesday’s European session. The altcoin has garnered significant attention from large investors, supported by important network developments and growing institutional demand in recent months.
Whales Increase Their Purchases
According to on-chain analysis platform Santiment, whale-level investors holding at least 1 million ADA have purchased an additional 1.41 billion ADA since November 2023. This acquisition corresponds to 2.35% of Cardano’s total supply.
The growing interest from institutional investors can be attributed to the network’s decentralized governance goals and Grayscale Investments’ application for the first spot ADA ETF with the U.S. Securities and Exchange Commission (SEC). A favorable outcome from this application could enable the altcoin to reach a broader investor audience.
Current Status and Expectations for ADA Coin Price
ADA coin’s price faced strong resistance around $1.10 from November 2024 to January, entering a short-term correction phase since then. Recently, the price has been testing support levels between $0.68 and $0.76, consolidating in that range.
Experts suggest that if ADA maintains these support levels, a return to a bullish trend is possible. Furthermore, a new rally is anticipated as the market approaches the upper boundary of a megaphone formation. Cardano’s strong technical infrastructure and increasing activity in decentralized finance (DeFi) further support this potential.
