Will ADA be bullish in the context of whales accumulating and relisting on eToro?

In the past seven days, Cardano whales (ADA) have purchased over 180 million tokens, raising speculation about the possibility of ADA being bullish.

At the same time, investors will have additional opportunities to participate as the eToro exchange re-lists Cardano. These developments occur against the backdrop of the U.S. Securities and Exchange Commission (SEC) continuing to review Grayscale's application for an ADA ETF.

Cardano whales accumulate over 180 million ADA in 7 days

Large holders of Cardano — those holding between 10 million and 100 million ADA — have purchased around 180 million ADA in the past week. According to data from Santiment shared by Ali Martinez, the amount of ADA held by whales continues to increase during periods of moderate price volatility.

Source: XIt is noteworthy that the accumulation process has started since May and has gradually accelerated in recent days. The increase in exposure of large institutions to ADA has pushed the price higher, creating a series of higher lows.

Although there is still volatility during the accumulation phase, the activities of whales often predict the time when interest in the asset will increase. Overall, accumulating whales is a signal of strong confidence, especially when it occurs alongside clarity in legal terms. The price and trading volume of ADA are steadily increasing, with key support levels indicating strength.

eToro reopens ADA access for 38 million users

In particular, after eToro re-listed ADA, the accessibility of Cardano for retail investors has improved for over 38 million users. The decision to re-list means that the token can be traded again on this popular platform, after being removed last year due to new regulatory requirements in some areas.

Moreover, the addition of Cardano to the eToro platform could improve both the recognition and the available supply of the asset. The timing of this move coincides with institutional-scale wallets continuing to accumulate, indicating broader interest from both institutional investors and retail investors.

SEC extends the review period for Grayscale's Cardano ETF proposal

Among other developments, the SEC officially extended the time to review Grayscale's Cardano ETF launch plan. According to the regulator, further analysis should be conducted to determine whether the proposed ETF meets investor protection requirements. At the same time, the fund must also prevent market manipulation as prescribed in Section 6(b)(5) of the Securities Exchange Act.

Furthermore, the order published by the SEC states that the commission will continue to gather public opinions and analyze whether the rules meet the criteria for approval. However, this does not mean that the SEC is rejecting cryptocurrency ETF funds, but rather indicates that the agency is taking a cautious approach.

Before approving ETF funds for Bitcoin and Ethereum, the agency has considered similar extensions in their evaluation process. While this prolongs the ETF approval process, the proposal is still under continued consideration within the legal framework. Although the possibility of immediate ETF approval has been eliminated, the proposal remains under positive regulatory consideration.

Technical Setup and Market Outlook for the Price of ADA

After Bitcoin, ADA is the second most supported cryptocurrency on CoinMarketCap. Nearly 87% of the total 4,844 votes on community platforms predict a bullish trend for ADA. This reinforces Cardano's position among the top cryptocurrency projects.

Source: XThe interesting thing is that ADA is ranked higher due to favorable user sentiment, surpassing both ETH, XRP, and Solana.

Therefore, the high valuation of ADA indicates that this coin is well-supported and can have a positive impact on the price. Although the market is unpredictable, ADA is still favored by buyers, as the results of the sentiment survey have shown.

Meanwhile, a recent analysis indicates that the price of Cardano has broken through important technical patterns, with targets ranging from $1.1 to $1.48. Despite short-term liquidations and funding rates (funding fees) decreasing, open contracts and traders' positions continue to maintain a bullish trend.

The Cardano ecosystem is also expanding, driven by the growth of stablecoins, increasing adoption of DeFi, and stronger governance. This indicates that sustainable demand may support the bullish momentum of ADA.

Minh Anh