Cardano (ADA) has gained bullish momentum, with nearly $1 billion worth of ADA withdrawn from centralized exchanges this year.
Notably, blockchain analytics firm TapTools reported Tuesday that approximately $932 million in ADA has left exchanges since January, a sign that investors may be moving their holdings to self-custody wallets in anticipation of future price appreciation. As per the firm, this pattern also mirrors behavior seen during the 2021 bull run, which drove ADA to its all-time high of $3.10.
Historically, such large-scale outflows often signal growing investor confidence and reduced sell-side pressure, particularly when combined with rising on-chain activity and accumulation.
Earlier this month, popular crypto analyst Ali Martinez noted that whale wallets had accumulated over 410 million ADA in April alone, further strengthening the bullish case.
On Tuesday, crypto analyst Sssebi amplified bullish sentiment around Cardano (ADA), forecasting a potential 10- to 20-fold increase in its price during the current market cycle.
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“It’s incredible how much room to the upside $ADA has left. We can easily 10x-20x from this point… $7 is an easy 10x,” he noted. He backed it up with a chart showing ADA poised at a key technical support level, with a bullish channel hinting at a strong move ahead.
That said, Cardano’s fundamentals may also be driving this renewed whale interest.
One of the most notable developments is Cardano’s partnership with Brazil’s largest government IT provider, SERPRO in March. This collaboration integrates Cardano’s blockchain technology into Brazil’s digital infrastructure, which handles approximately 33 billion transactions annually. Such a large-scale implementation underscores Cardano’s potential for real-world applications and sets a precedent for worldwide blockchain adoption.
Cardano’s development activity also remains robust, with a significant increase in smart contract deployment. The number of Plutus V2 scripts had grown from about 8,100 on January 2024 to over 133,000 to-date indicating a thriving developer ecosystem and a commitment to expanding the platform’s capabilities.
Furthermore, technologically, Cardano is preparing to launch the “Leios” upgrade, designed to significantly increase transaction throughput without compromising decentralization. This enhancement is expected to bolster the network’s scalability and efficiency, positioning Cardano to better compete in the DeFi and smart contract arenas.
Additionally, Cardano is set to integrate Bitcoin into its ecosystem before the end of the month. This integration will allow Bitcoin holders to utilize their assets within Cardano’s decentralized applications, fostering greater interoperability between the blockchains.
ADA traded around $0.59 at press time, reflecting a 3.19% loss in the past 24 hours.
