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In recent developments, large investors, popularly known as whales, have bought 130 million Cardano (ADA) in the last 72 hours. This massive accumulation came as Cardano price entered consolidation.
This massive whale purchase has fueled predictions about a potential breakout.
With key resistance levels ahead, traders now watch closely for the next move.
Whales Accumulate as Market Holds Steady
Ali Martinez posted on X and disclosed to the crypto community that whales have accumulated over $94 million worth of ADA in just three days.
This typically shows strong confidence among big investors despite the current market uncertainty.
Historically, such large transactions have often preceded price rallies, making this a crucial moment for Cardano price.
Market data shows Cardano is ranked eighth in the global crypto market.
Cardano price is at $0.7000 at the time of writing, showing a 6.72% decline in the last 24 hours.
The buying pressure from whales and steady market activity indicates a growing interest in the asset.
In related news, Coinbase has also contributed to recent market movements caused by Cardano whales.
As reported in a March 14 update, the exchange is set to launch ADA futures.
This is expected to go live on March 31, pending the Commodity Futures Trading Commission (CFTC) approval.
If given the green light, this could increase liquidity and attract institutional investors, potentially leading to increased volatility.
Regulatory Concerns and Market Sentiment
Cardano has also been in the news due to ongoing discussions about the US Securities and Exchange Commission (SEC).
Some market analysts speculate that the new pivot in the US SEC is helping to reevaluate ADA, just as it has with other altcoins.
Last month, the US SEC acknowledged a filing for Grayscale’s Cardano ETF. However, the SEC decided to extend the approval process.
Notably, market experts believe that the SEC’s decision to extend the review period for Grayscale’s Cardano ETF application should not trigger alarm bells.
The new May 29th deadline follows a pattern of regulatory caution that has become common practice for crypto ETF applications.
Some traders see it as a long-term benefit. If potential issuers can prove Cardano is compliant with existing laws, it could boost its speedy ETF approval.
However, if regulatory strain occurs, it might lead to short-term price instability. Still, the Cardano ecosystem remains in a positive growth direction.
Where Is Cardano Price Heading?
With whales purchasing ADA and Coinbase preparing for futures trading, traders are looking at key price levels.
Analysts suggest that if Cardano breaks above $0.75, it could signal a move toward the $0.80 – $1 range.
This would mark a strong bullish breakout, supported by increasing demand.
However, if Cardano fails to keep its price gains, it could stay in its current consolidation phase.
Some analysts warn that if the price drops below $0.70, it could trigger further corrections, leading to increased volatility.
Market sentiment remains mixed for the Proof-of-Stake (PoS) protocol, with a bull-bear scenario likely to play out.
The bullish case rests on whale activity, institutional adoption, and potential futures trading on major exchanges.
However, the bearish case is largely connected to regulatory uncertainty and the risk of a price pullback if momentum fades.
