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Cardano Poised for Massive Comeback as Whale Investors Target US$1 ADA

Bitcoin and the broader altcoin market have recorded a strong revival on news of the approval of a spot Ether ETF. However, one altcoin in particular showing strength is Cardano's native cryptocurrency, ADA. At the time of writing, Cardano (ADA) price rose 7.47% to above US$0.50 with market capitalization touching US$18 billion.

Data from IntoTheBlock reveals an important trend: Cardano whales, who own more than 100 million ADA tokens, increased their holdings by 11% last month, and now control nearly 7% of Cardano's total supply. This accumulation is bullish, indicating that these influential investors are positioning themselves by acquiring more promising assets.

Confidence in Cardano is not limited to whales. An analyst known as World of Charts has noted that ADA's breakout has been confirmed and anticipates the token reaching US$1 in the next few weeks, according to a Crypto News Flash report.

Similarly, another analyst, Trend Rider, has identified a bullish pattern for Cardano. They observe ADA's price increase following bullish signals on the daily chart and expect ADA to sustain above the US$0.5 level in the short term.

Dan Gambardello, founder of Crypto Capital Venture, also shared his insights on Cardano price movements. He highlighted that ADA surpassed the 20-day moving average (MA) and mentioned the formation of a golden cross on Cardano's daily chart, where the 50-day MA crossed above the 200-day MA.

The resurgence of whale activity, strong retail investor interest, and growing confidence in the Cardano ecosystem present promising prospects for ADA. These factors, coupled with bullish predictions from some analysts, suggest that Cardano could be on the verge of a significant comeback.