TL;DR
In a dramatic twist, large investors have offloaded over $70M in ADA, sending shockwaves through the market.
Analysts are eyeing $0.80 as the magic number, while a potential SEC nod for an ADA ETF could spark a rally. 🎉
Whales are Cashing Out
In a valiant yet fleeting attempt, Cardano’s ADA sought to reclaim its green glory over the weekend, momentarily soaring to $0.75. But alas, the bears, those relentless creatures of the night, have snatched control, dragging the price down to a disheartening $0.71 (as per the ever-reliable CoinGecko).
Recent whale activity has cast a shadow over the horizon, hinting that the pullback may not just be a passing storm. The illustrious X user, Ali Martinez, has revealed that these financial leviathans have sold off over 100 million ADA in the past week, amassing a staggering $70 million. Talk about a cash grab! 💰
Such sell-offs inflate the token’s circulating supply, which could lead to a price plunge (unless demand decides to join the party). Moreover, this frenzy might incite panic among the smaller fish, prompting them to toss their holdings overboard as well. 🐟💨
It’s worth noting that ADA has a history of price corrections following such grand offloads. Back in February, whales parted ways with over 330 million tokens (valued at nearly $250 million at the time), resulting in a more than 10% drop in ADA’s valuation shortly thereafter. Ouch!
Price Predictions
Despite being deep in the crimson sea of monthly losses, ADA still finds itself the subject of hopeful forecasts. The ever-optimistic X user, Joe Swanson, recently proclaimed that the price must breach $0.80 to ignite bullish momentum. Fingers crossed! 🤞
“A reclaim flips resistance to support, setting up higher targets. Watch for volume surge,” the analyst added, as if we’re all waiting for a superhero to save the day.
Meanwhile, Dan Gambardello has his sights set on the stars, envisioning a price explosion that could catapult ADA to a jaw-dropping $12. Dream big, right?
In the coming months, several pivotal events could fuel a significant rally. One such event is the potential launch of a spot ADA exchange-traded fund (ETF), allowing investors to dip their toes into ADA without the hassle of direct ownership. How convenient! 🙌
The world’s largest digital asset manager, Grayscale, has expressed its intentions to roll out this investment vehicle, and the US SEC has already acknowledged its application. According to Polymarket, the odds of approval before the end of 2025 stand at a promising 70%. Let’s hope they don’t change their minds! 🤞
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2025-03-17 23:06