Cardano may be gearing up for a breakout, just as Ethereum cools off.
As the top 100 Ethereum whale wallets have quietly started profit-taking, the top 100 Cardano wallets are accumulating, eying bullishness on the near-term Cardano price outlook.
The leading altcoin has been losing the attention of smart money since May, with the total supply held by the top 100 wallets dropping by 9 million ETH to control just 19.6%.
Percentage of Ethereum supply held by the top 100 holders. Source: X, @joao_wedson.
Meanwhile, the top 100 ADA addresses have been steadily rising day by day, signaling confidence and a possible strategic long-term holding ahead of greater moves.
Percentage of Cardano supply held by the top 100 holders. Source: X, @joao_wedson.
This divergence may be tied to the ETF narrative. While Ethereum has already tapped into TradFi markets through its approved spot ETF, Cardano is still awaiting the SEC’s green light.
That could change with the October 23 deadline for a potential spot ADA ETF, which could open the gates to previously untapped demand if approved.
This goes hand in hand with the CLARITY ACT, also expected around October, which stands to unlock sidelined demand from institutions waiting on regulatory clarity.
Cardano Price Analysis: Are Whales Positioning for a Surge?
This consistent long-term accumulation of ADA comes alongside a descending triangle pattern forming since the late 2024 Cardano price peak.
ADA / USDT 4-hour chart, descending triangle and flag pattern. Source: TradingView, Binance.
Following the latest rejection, a newly formed bullish flag structure points to a possible continuation rally toward March highs, supported by improving momentum indicators.
The RSI has rebounded sharply from the oversold zone at 25 to 45, often a sign that selling pressure is waning and buyers are re-entering.
The MACD has formed a golden cross, surpassing the signal line. On the 4-hour chart, this often signals a short-term uptrend tagging shape.
If ADA can hold the 0.5 Fibonacci retracement level at $0.73 as support, a common accumulation zone in corrections, the flag could extend toward its projected target of $1.
This would confirm a breakout of the larger triangle pattern, triggering a potential rally toward higher resistance at $1.20 and its potential $1.63 target, a possible 108% gain from current levels.
However, to reach the $10 milestone, the approval of a Cardano spot ETF will likely be required to drive significant new demand from traditional markets.
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