- On-chain data shows Cardano whales accumulated more than 120 million coins in the past two weeks.
- The Cardano network has inked several strategic partnerships globally to enhance its regulatory compliance.
- ADA price has been following a similar fractal pattern to the 2021 crypto bull market.
Cardano (ADA) has attracted the attention of more institutional investors seeking to diversify their crypto portfolios in the recent past. According to on-chain data analysis provided by Santiment, Cardano whale accounts with a balance of between 1 million and 10 million ADA coins added over 120 million ADA in the past two weeks, thus currently holding around 5.57 billion coins.
The Cardano ecosystem has grown in the past year bolstered by the initiative of the core developers led by founder Charles Hoskinson. For instance, Cardano’s treasury has exponentially increased in the recent past to more than 1.8 billion ADA coins, thus becoming one of the largest self-governed token treasury globally.
Cardano Network and Mainstream Adoption
The Cardano network has been morphing in the past years to compete with other smart contract chains, such as Ethereum (ETH) and Solana (SOL). Additionally, the Cardano network has been building the necessary infrastructure to bridge capital from Bitcoin (BTC), led by Cardnial Protocol.
The Cardano network has also worked closely with global lawmakers and different regulatory agencies to remain compliant with applicable laws. For instance, the parent organizations of Cardano led by IOHK, Cardano Foundation, and Emurgo have worked closely with different governments globally, including in Ethiopia, the United States, Venezuela, and Brazil.
Related: Grayscale ETF Approved, But Altcoins Stall: What’s Holding Them Back?
As a result, the Cardano network has gained more popularity globally with both retail and institutional investors.
Grayscale Investments remains a major supporter of the ADA market. For instance, ADA makes up 18.6 percent of the Grayscale smart contract platform fund, ranking third after Ether and Solana. Additionally, Grayscale filed the first standalone Cardano ETF with the U.S. SEC earlier this year.
Earlier this week, newly formed ReserveOne, which has more than $1 billion to facilitate the implementation of a crypto reserve, announced it will hold several digital assets including ADA.
What’s Next for ADA Price?
According to market analyst Dan Gambardello, ADA price is well-primed for a bullish rebound in the near term. The analyst argued that the ADA price has formed a support level above 50 cents, which is a basis for the next bullish breakout.
Related: Will This New Nasdaq-Listed ETF Drive Cardano’s ADA Price Higher in Coming Months?
The bullish sentiment is bolstered by the fact that ADA price has formed higher highs and higher lows in the weekly timeframe. Additionally, ADA price has formed a similar bullish fractal pattern to the 2021 bull rally.
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