Well, Cardano (ADA) seems to be winning while most digital assets struggle.

Over the past three days, ADA has surged more than 11%, defying the broader market slump that has seen the total cryptocurrency market capitalization drop by 4.5% in just 24 hours. As of Wednesday, February 12, 2024, during the early European session, ADA was trading around $0.76.

Let’s dive into the latest developments shaping Cardano’s price action.

Cardano Whales Aren’t Resting!

Cardano, which operates on a proof-of-stake (PoS) consensus mechanism, has seen its fully diluted valuation climb to more than $34.4 billion. Its 24-hour average trading volume has also increased to around $1.4 billion, indicating strong market activity.

Investor interest in ADA has remained high, particularly among whales and institutions. The network’s ongoing improvements in decentralized governance have attracted more institutional investors. In a significant move, grayscale Investment grayscale Investment - Investment platform became the first company to file for a spot ADA exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).

According to on-chain data Santiment, ADA whales, with an account balance of at least 1 million coins, have added 1.41 billion coins since November 2023 to date, which represents 2.35 percent of the altcoins total supply.

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Key Support and Resistance Levels for ADA

ADA has struggled to break past a key resistance level near $1.10 since mid-November 2024, leading to a short-term correction. Over the past few days, the smart contract-focused altcoin has been testing an important support range between $0.68 and $0.76.

However, ADA has recently bounced back above the falling logarithmic trend that had been in place earlier this year. If bullish momentum continues, the altcoin could break out above the macro megaphone structure and move closer to its all-time high.