Cardano Price Surges on Institutional Accumulation and Technical Breakout

Cardano (ADA) has experienced a significant price surge, reaching over 12% in a single day. This increase is attributed to the accumulation of ADA by institutional and whale investors, as well as a technical breakout that marked the end of a consolidation phase.

The latest on-chain data reveals that large holders of Cardano (ADA) have accumulated around 819 million ADA in the past six months, despite a significant drop in the ADA price. This accumulation process demonstrates great investor confidence in Cardano's long-term potential.

Institutional exposure to ADA has also increased, with Grayscale increasing Cardano's share in its Smart Contract Platform Select Capped Index fund to over 20%. ADA is now the third largest asset in the fund, confirming Cardano's position among major smart contract platforms.