Cardano (ADA) is back in the spotlight as the possibility of the altcoin skyrocketing to $10 gains traction on social media. Bolstered by increased network activity and whale accumulation, ADA is now one of the most promising altcoins in the top 10. As of writing, the coin is riding bullish momentum, reclaiming losses from this week’s volatility.
Cardano’s Network Activity Sees a Major Uptick
According to data from Santiment, a significant ADA whale entered the market when prices briefly spiked to $1.13. This marks the most substantial whale activity in three months, with transactions valued at $100,000 in ADA surging. On March 4 alone, the network recorded 1,132 whale transactions, contributing to a total of 2,671 unique $100,000 transfers.
🐳 Cardano's brief, major breakout to $1.13 came in tandem with the most whale activity in over 3 months. The sudden jump in $100K+ transfers sparked a drop in the average age of $ADA sitting in wallets, indicating a rise in tokens now back in regular circulation on the network. pic.twitter.com/bGliMmEesx
— Santiment (@santimentfeed) March 4, 2025
Additionally, Santiment highlighted a drop in the Mean Dollar Invested Age, now at 529.05, indicating a rise in ADA tokens in circulation. This trend suggests increased investor participation, potentially fueling a continued price rally.
Can ADA Hit $10?
At the time of writing, ADA is trading at $0.9369, reflecting a 9.82% increase in the past 24 hours. The coin has maintained an upward trajectory, trading between $0.7684 and $0.9502.
Despite market caution, Cardano’s fundamentals suggest a bullish outlook. ADA has retained a 35% growth rate over the past week, with open interest surging by over 6% in the past 24 hours. According to Coinglass, futures open interest now stands at 905.62 million ADA, valued at approximately $842.04 million. A sustained increase in open interest could support further price gains.
ETF Speculation Fuels Bullish Sentiment
Cardano’s potential as a major crypto asset is further strengthened by recent on-chain enhancements led by founder Charles Hoskinson. Notably, discussions about ADA’s role in tracking government spending and the prospect of an ADA exchange-traded fund (ETF) have sparked investor interest.
The U.S. Securities and Exchange Commission (SEC) recently acknowledged Grayscale’s application for an ADA ETF, placing the altcoin on the watchlist for potential approval. If granted, this could drive significant institutional inflows, propelling ADA’s price higher.
Also Read: Cardano (ADA) Price Prediction for March 4: Key Support Holds, 35% Surge Possible?
With strong fundamentals, rising network activity, and ETF speculation, ADA remains a key altcoin to watch in the upcoming market cycle.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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