Cardano price has caught the eyes of investors today with its recent jump of nearly 20% nearing the $1 mark. Notably, the surge comes amid massive buying pressure by the ADA whales, especially after Donald Trump revealed plans to add altcoins like XRP, ADA, and SOL, to the US Reserve Asset list. Given the recent developments, experts remained optimistic about the long-term trajectory of the coin, predicting a potential surge to $12 ahead.
Cardano Price Soars 20% Today: Here’s Why
Cardano price was up about 19% today and exchanged hands at $0.95, while its trading volume fell 10% to $5 billion. The token’s RSI also stood near 60, indicating a bullish market scenario condition and more steams left ahead. Besides, derivatives data by CoinGlass showed that ADA Futures Open Interest was also up 5%.
Notably, the surge in the asset’s price could be attributed to several factors, such as:
Crypto Market Rally
The recent surge in Cardano price could be due to a bullish momentum recorded in the broader crypto market. During writing, the global crypto market cap rose 5% to $2.92 trillion with Bitcoin, Ethereum, XRP, and SOL, among others, soaring between 7% and 10%. However, ADA was clearly the top percentage gainer among the top altcoins today.
Cardano ETF Hype
The hype over a potential Cardano ETF approval has further fueled market sentiment so far. The US SEC has recently acknowledged Grayscale’s ADA ETF filing, which has sparked discussions in the market. The investment instrument, if launched, could significantly boost the asset’s price to a new high ahead.
Network Activity
A recent report showed that the price breakout coincided with the most substantial ADA whale activity on the network in over three months. In other words, it appears that the surge in ADA network activity has helped in the recent gains of the token.
Notably, the report highlighted a sudden increase in $100,000+ transfers, which triggered a drop in the average age of ADA tokens sitting in wallets. This indicates that a large number of tokens are now back in circulation, contributing to the price rally.
The surge in network activity and whale participation suggests a growing interest in Cardano, potentially driven by its ongoing development and adoption. As the network continues to evolve, investors are closely watching ADA’s price movement, anticipating further gains.
ADA Whale Activity
Renowned market expert Ali Martinez recently highlighted the heightened buying pressure by the ADA whales. In a recent X post, Martinez said that Cardano whales have bagged 420 million ADA coins since Donald Trump recently hinted towards a US Crypto Reserve, revealing plans to add ADA, SOL, and XRP, to the list.
Can Cardano Price Hit $12?
With the recent ADA price breakout, a flurry of analysts have shared bullish forecasts for the crypto ahead. For context, in a recent analysis, Ali Martinez said that ADA is likely to hit $2.20 in the short term if it holds above the $1.19 support.
Besides, other renowned analysts Gert van Lagen and Lord Durden have also shared bullish forecasts for Cardano price, sparking optimism among investors. Van Lagen’s analysis suggests two possible scenarios: a “blue” scenario targeting $40 and a “black” scenario reaching $12.
Echoing a similar sentiment, Lord Durden also shared a price chart indicating a potential ADA rally to $12 if it closes above the $1 mark. Considering all these aspects, it seems that the $12 target for the crypto is feasible if the bullish momentum holds.
The post Cardano Price Eyes Breakout To $12 As Whales Bag 420M ADA appeared first on CoinGape.
