Fueled by increased whale aggregation, Cardano is ready for a possible price increase to $2. Ethereum Eyes $2,700 Target as AI Crypto Presale Hits $12 Million
After weeks of trading within a certain range, Cardano’s price is awaiting a trigger. Currently priced at $0.760, ADA is down 43% from its December high, performing worse than other virtual currencies.
However, three important triggers could push Cardano to $2 in the coming months. First, whales are accumulating ADA, with more than 240 million coins (worth more than $182 million) purchased in the past week. This buying trend is gaining steam.
Second, Cardano could benefit from possible SEC approval of spot ADA exchange-traded funds (ETFs), with Grayscale Tuttle Capital Management already submitting applications. ADA funds would attract institutional investment.
Third, increasing numbers of investors are staking their Cardano coins, indicating long-term holding intentions. The staked market capitalization has risen 8.1% to $16.1 billion, with a return of 2.60%.
From a technical analysis point of view, the ADA price is in the second phase of an Elliott Wave pattern, characterized by a brief pullback before a bullish third wave. Cardano may be ready to enter this third wave, potentially pushing it to the $2 level, which corresponds to the 38.2% retracement level, indicating a 160% increase from the current price.
According to the weekly chart breakdown, it looks like we may have to hold on for a while before this configuration completely unfolds. Cardano’s value is conveniently located above the 50-week EMA, and it is forming what appears to be an optimistic flag configuration. Consider it a flagpole with a banner; the flagpole represents a significant price increase, while the banner represents a time of consolidation. This generally indicates that the upward trend is expected to continue. The “banner” segment of this configuration has been consolidating for more than three months, which is a significant amount of time. BlackRock Broadens BUIDL Fund to Solana
