In the past 48 hours, whales have purchased an additional 200 million ADA, equivalent to 157 million USD, indicating strong confidence from investors with large capital flowing into Cardano.
Market analyst Tom Tucker stated that this move comes at a time when the likelihood of ADA's ETF approval has risen to 75% (according to Polymarket).
The whale accumulation momentum emerged right after Cardano surpassed the psychological threshold of $0.90 – a price level that had been suppressed for many months. This momentum helped ADA rise 33% in just one week.
The 10th largest cryptocurrency by market capitalization doesn't stop there as it has retested the $1 price level before returning to the $0.95 range.
Trust from organizations has also been strengthened as Grayscale officially filed for a spot ETF license for Cardano. This is a crucial factor contributing to the surge of optimism in the market.
Famous analyst Ali Martinez believes that Cardano is capable of reaching $1.50.
Martinez's chart shows an inverse head and shoulders pattern, where a breakout could push ADA to $1.10 and even $1.50.
Another report from Issifou Issaka also shows that ADA is preparing to break out of a downward channel, opening up potential towards the $1.65 region.
Thus, the combination of a whale buying spree and ETF expectations has created an extremely optimistic picture for Cardano.
Meanwhile, Cardano is charting a bold path ahead after approving a long-term project aimed at strengthening the network and promoting wider adoption.
The community has greenlit 96 million ADA, worth 71 million USD, from the treasury to fund the protocol upgrade through a centralized governance model.