Since the naming for inclusion in the U.S Strategic Crypto Reverse, Cardano (ADA) has gained traction from both retail and institutional investors. But, the coin still faced massive sell-offs recently. Particularly, Cardano whales sold millions of tokens in March as the general crypto market experienced volatility.
Despite the sell-offs, Cardano has still managed to stay afloat by recording a surge in the price over the last 24 hours. Additionally, the upcoming disclosure of tokens held by the U.S government could be fueling the ADA price resilience.
ADA Stays Strong Despite Massive Whales’ Sell-offs in March
Cardano whales seem to have succumbed to immense selling pressure that took a hit at the crypto market in recent times. According to a post by crypto analyst Ali_Charts, data by Santiment shows that these whales sold close to $200 million ADA coins throughout March.
Historically, when whales sell in large numbers, the market usually faces bearish pressure. It also shows that demand is struggling while supply is reigning in the current market. However, the case of Cardano is completely different from historical trends.
Despite the huge selling by ADA whales, the coin has put up a show depicting how resilient it is by recording a surge. As per the data on Coinmarketcap at the time of writing, ADA was trading at $0.6816. This price marks a 3.19% surge on the day after hitting an intra-day high of over 7% surge.
While Cardano has retraced to the current level, the coin designed to offer users secure, scalable, and transparent solutions, has shown its strength. However, ADA’s trading activity has faded away as depicted by the trading volume which has dropped by 8.03% to $707.54 million.
What’s Driving Cardano’s Resilience?
Cardano’s native token, ADA, could be experiencing the ongoing resilience due to various factors. The upcoming announcement of all Bitcoin and other crypto holdings by the U.S government serves as a major factor. Basically, Cardano investors anticipate that the U.S could be holding a large number of ADA tokens hence giving confidence about its adoption.
The event for the crypto assets report is scheduled for April. 5, 2025 and will involve the Treasury and other agencies revealing their digital assets. Besides ADA, the market is interested to know about the number of Solana (SOL) and Ripple (XRP) held. Thus, the recent rally is driven by optimism by Cardano investors.
Odds of an ADA ETF in 2025 Drop Below 60%
While Cardano has been performing impressively despite huge sell-offs, the market requires an external boost like an ETF approval to achieve the September 2021 highs. But, the market seems to be losing confidence about the ADA ETF getting approved in 2025.
According to the data on Polymarket, Cardano ETF approval odds in 2025 have dropped to 56%. This drop comes as the odds dropped from above 60% which it maintained from late Feb to Mid March.
With the ADA ETF odds dropping, the coin needs strong support by buyers to continue its current performance. But, if sellers manage to take control as the geopolitical tensions continue to prevent crypto market recovery, ADA could dip. Investors should thus keep an eye on Cardano to see whether it will maintain its resilience, rise or dip.
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