Cardano (ADA) price has been on the rise, following the bullish sentiment in the overall cryptocurrency market, led by Bitcoin’s meteoric growth. In the past week, ADA has seen a price increase of over 10 percent, trading at around $0.645 on Tuesday, April 15, during the mid-London session.
Additionally, Cardano’s Futures Open Interest (OI) has shown growth, with an increase of approximately 3.13 percent in the last 24 hours, reaching around $632 million.
Cardano Whales Capitulate
According to on-chain data from Santiment, Cardano whales holding between 1 million and 10 million ADA coins have been offloading their holdings, selling off more than 100 million coins in recent weeks. Despite this selling pressure, the specific ADA whale group still holds a substantial amount of coins, totaling 5.65 billion ADA, valued at approximately $3.64 billion.
ADA Price Analysis
From a technical analysis standpoint, ADA’s price against the U.S. dollar has been following a fractal pattern similar to the 2021 bull cycle. With a fully diluted valuation of around $29 billion and a 24-hour average trading volume of about $668 million, ADA appears to be in the final stages of consolidation before potentially embarking on a parabolic rally towards price discovery.
Market Picture
The Cardano network has continued to expand into a vibrant web3 ecosystem, with a Total Value Locked (TVL) of approximately $298 million and a stablecoins market cap of $31 million. The recent mention of the Cardano network by the U.S. SEC as a strategic crypto asset with the potential to revolutionize government contracts, including in the education sector, has contributed to the mainstream adoption of ADA.
In the coming weeks, ADA’s price could consolidate between 74 cents and 55 cents before a potential market reversal. Alternatively, if the bullish sentiment continues, ADA’s price could surge towards $1.38 without the need for further consolidation. Overall, Cardano’s growth and development within the cryptocurrency space suggest a promising future for the project and its native token, ADA.