In seven days, Cardano (ADA) whales purchased over 180 million tokens, leading to Cardano price rally speculation.
At the same time, investors will have more chances to join as eToro relists Cardano. These developments happen while the SEC continues to look into Grayscale’s application for the ADA ETF.
Cardano Whale Accumulation Surpasses 180M ADA in 7 Days
Large Cardano holders, who keep 10 million to 100 million ADA, bought around 180 million ADA over the past week. According to Santiment data shared by Ali Martinez, the amount of the crypto held by whales keeps rising during periods of moderate price increases.
Source: X
Notably, accumulation began in May and sped up gradually over a few days. Higher ADA exposure by large entities pushed its price higher, setting a sequence of improved lows.
Although volatility remained during the accumulation phase, whales’ activity usually predicts a time when interest in the asset rises. In general, whale accumulation signals strong confidence, particularly when it occurs alongside regulatory clarity. Cardano price and trading volume are rising steadily, with key support levels showing strength.
Cardano Price Eyes Rally as eToro Restores ADA Access to 38M Users
More so, following eToro making ADA available again to trade, Cardano retail access improved for over 38 million users. Consequently, the relisting means the token can be traded once again on the popular application. This is after it was taken off last year due to new regulatory rules in some areas.
Furthermore, adding Cardano to eToro’s platform may improve both the visibility and the available supply of the asset. The timing of this move coincides with ongoing accumulation by institutional-scale wallets, suggesting broader interest across both institutional and retail segments.
SEC Extends Grayscale’s Cardano ETF Review Period
In other developments, the SEC has officially extended its review of Grayscale’s plan for a Cardano-based ETF. According to the regulator, it is necessary to do more analysis to determine if the proposed ETF meets the needs of protecting investors. It also needs to prevent market manipulation as required by Section 6(b)(5) of the Securities Exchange Act.
Additionally, the order published by the SEC stated that the commission will keep seeking input from the public. It will also analyze whether the rule satisfies the requirements for approval. Nevertheless, it does not mean the SEC is rejecting the crypto ETF, but signals its cautious approach to these products.
Before approving ETFs for Bitcoin and Ethereum, the security agency reviewed similar extensions in their evaluations. Although it lengthens the process for ETF approval, the proposal is still alive for further regulation. While it removes the possibility of immediate ETF approval, it also keeps the proposal in active regulatory consideration.
Technical Setup and Market Outlook for Cardano Price
After Bitcoin, Cardano is the next most-supported cryptocurrency on CoinMarketCap. Almost 87% of the total of 4,844 votes on community platforms are bullish for ADA. This strengthens its place among the top crypto projects.
Source: X
Intriguingly, ADA is placed higher in the ranking due to favorable user sentiment, surpassing Ethereum, XRP, and Solana.
Hence, the fact that ADA is highly rated shows it is seemingly well supported and may influence Cardano price. While the market is unpredictable, ADA is still desirable to buyers, as the sentiment survey results showed.
Meanwhile, a recent analysis showed Cardano price broke out of key patterns, with targets between $1.10 and $1.48. Despite short-term liquidations and declining funding rates, open interest and trader positioning remain bullish.
The Cardano ecosystem also expanded, driven by stablecoin growth, DeFi adoption, and stronger governance. This suggested sustained demand that could support ADA price upward momentum.
