Cardano Price Consolidation Points to Possible Breakout

Cardano price has been consolidating around $0.28 after a recent market pullback, which was preceded by a larger-scale correction in the crypto market. Despite this short-term weakness, institutional positioning remains strong with Grayscale increasing its ADA allocation to 20.12%.

This increase in allocation is an indicator of long-term institutional confidence and suggests that investors are holding onto their Cardano holdings. However, it's essential to note that this does not necessarily mean immediate upside for the price.

Technical analysts believe that the current structure bears similarities with the build-up before ADA's historic breakout in 2021, which led to a 30X surge. A repeating fractal is identified on the chart, suggesting that Cardano price may follow a similar pattern and potentially reach $3-$9.