Cardano (ADA) has surged by 22% over the past seven days, boosted by growing institutional buying and a major integration with the Brave browser that introduces ADA to 86 million potential new users.
As global economic uncertainties continue to influence markets, Cardano has demonstrated heightened volatility, trading within a range of $0.795 to $0.841. This range reflects a mix of profit-taking and deliberate accumulation by large-scale investors.
Key recent developments include ADA’s inclusion in Grayscale’s Digital Large Cap Fund and its integration into Brave’s wallet system. The latter significantly broadens ADA’s reach, connecting it with Brave’s extensive user community worldwide.
On-chain data reveals intensified institutional activity, with wallets holding between 100 million and 1 billion ADA tokens acquiring over 40 million tokens in just 48 hours. This coincides with ADA’s breakout from a descending channel pattern, hinting at potential for continued upside momentum despite near-term price corrections.
Technical Highlights
- ADA’s price fluctuated by nearly 6% over a 24-hour period, with support solidifying around $0.805 and resistance near $0.828.
- Early buying pressure lifted ADA to an intraday peak of $0.841 before profit-taking emerged.
- The token formed lower highs following the peak but maintained support above $0.810, signaling a possible consolidation phase.
- Rapid price movements saw ADA rise from $0.816 to $0.827 (+1.3%) before a swift sell-off dropped it back to $0.809 (-1.5%).
- A double bottom formed around $0.809-$0.810 provided a foundation for stabilization, with prices settling near $0.814 by session’s end.
- Trading volume surged during the correction, indicating institutional profit-taking after the rally.
With these developments, Cardano is gaining traction both on the retail and institutional fronts, positioning it for further potential gains despite ongoing market headwinds.
