Cardano ADA Surges 10% as Traders Eye $0.22 Resistance Level

Cardano's native token ADA has seen a significant surge in price, rising by around 10% over the past 24 hours. The trading volume has also increased to approximately $607 million, up 43% from the same period previously.

The recent rally is attributed to whale accumulation, with large holders purchasing more than 240 million ADA during this time. According to Santiment, these combined holdings now total around 14.5 billion ADA.

Investors are closely watching two key events: the proposed CLARITY Act in the US and Cardano's completion of its 75-day seasoning period for regulated futures trading on the CME. The latter could make ADA eligible for a spot exchange-traded fund (ETF), subject to regulatory approval.

The current price chart shows ADA approaching its higher timeframe resistance level at $0.22, which has previously failed as support. A break above this level with a solid candle could confirm a market structure shift and open the path towards $0.288.