There has been an increase in large investor bets on Cardano, as 'whales' purchased 200 million ADA worth approximately $157 million, signaling a clear growth in confidence from large capital stakeholders in the currency.
This momentum comes after analyst Tom Tucker stated that "whales bought 200 million ADA in the last 48 hours, coinciding with a rise in the chances of ETF approval for Cardano to 75%."
Important psychological breakthrough
Cardano experienced a strong rise after breaking the psychological barrier of $0.90 for the first time in months of sideways trading, resulting in a weekly jump of 33%. The rise did not stop there, as the coin tested the $1 level before retreating to the $0.95 area.
Increasing institutional confidence
It is noteworthy that Grayscale has filed for the launch of an immediate ETF for Cardano, reflecting increasing institutional confidence in the currency and bolstering positive sentiment in the market.
Expert analyses
Renowned analyst Ali Martinez believes that Cardano has the necessary fundamentals to reach the $1.50 level, pointing to the formation of an 'inverted head and shoulders' technical pattern, which could lead the coin to break the $1.10 level and then target $1.50 later.
Conversely, analyst Aseefu Asaka pointed out that Cardano is approaching a breakout from a descending channel, which could open the door for a rise towards $1.65.
Long-term support
Alongside the price movement, the Cardano community has agreed to fund a long-term project to enhance the network and expand its adoption, with 96 million ADA (equivalent to $71 million) allocated from the treasury to fund protocol upgrades through a centralized governance mechanism.
Summary
With the increasing accumulation of whales, rising chances of ETF approval, and ongoing network development, Cardano appears to be on an upward trajectory that could enhance its market position and push it towards new price levels.
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