Cardano Eyes Mega $5 Price Point After Breaching $1 as Whales Buy Up Over 30 Million ADA

As Cardano (ADA) continues to stamp its authority as one of the sought-after proof-of-stake (PoS) blockchains, whales are keenly seeing the ecosystem, owing to the heightened adoption witnessed.

Recognizing this development, renowned market analyst Ali Martinez pointed out, “Whales have bought 100 million Cardano over the past 48 hours.”

This shows whales’ interest and confidence in the Cardano network are going through the roof.

This trend has played an instrumental role in enabling ADA to breach the psychological price of $1, given that the ninth-largest cryptocurrency has been enjoying a 17.5% increase in the past week to hit $1.12, according to CoinGecko data.

Notably, Cardano’s soaring demand can be linked to institutional investors leaning towards its project roadmap and decentralized ecosystem, with its total value locked (TVL) recently hitting $534 million.

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Therefore, a bullish picture continues to engulf the Cardano ecosystem, given that its daily trading volume was up by 6.37% to hit $2.22 billion, according to CoinMarketCap data.

Through its well-spelt out vision of being a blockchain platform that enables visionaries, innovators, and changemakers to trigger positive worldwide change, Cardano became the face of Argentina’s first legitimate smart contract in October last year.

Veteran market analyst Peter Brandt, who was previously a Cardano skeptic, recently gave a bullish sentiment and stated, “Alt season? Make no doubt about it, Cardano $ADAUSD has bottomed for a grand bull market.”

With whales going on an accumulation spree, it seems the sky is the limit for Cardano.