Over the last several days, the value of Cardano has been on fire, reaching back over $1 by Friday in an eagerly awaited move. This fresh wave of bullish energy has made ADA the standout performer among the top 10 largest digital currencies for the past week.
It seems that the recent spike in positive pricing for ADA could be connected to a more favorable environment within the altcoin market overall. However, it appears that the active trading by large investors (whales) might be behind the most recent price jump. Here’s the amount of ADA these whales have recently purchased.
Cardano Whales Purchase 40 Million ADA In 2 Days
As a crypto investor, I’ve noticed an intriguing development in the Cardano market. In a recent post on the X platform, renowned analyst Ali Martinez highlighted that the activity of Cardano whales has spiked over the past few days. This insight is drawn from the rising holdings of investors who possess between 10 million and 100 million coins, suggesting increased engagement in the market by these large-scale investors.
The group of investors being analyzed here are comparable to “market heavyweights,” a term used for entities that have substantial control over the market because of their extensive ownership of cryptocurrencies. These significant players tend to garner attention from other investors, as the market’s behavior is often influenced by their actions due to the impact of their trades.
Based on information from Santiment, a significant number of Cardano whales purchased over 40 million ADA tokens, valued at approximately $42.8 million, within a span of just 48 hours. This buying spree underscores their confidence in the asset’s potential, even amidst the slow market conditions.
Over the recent period, noticeable increases in ‘whale’ involvement appear to boost the value of Cardano. This trend suggests that continued purchasing might push the cryptocurrency’s worth back up to its peak levels reached in early December 2024.
What Next For Cardano Price?
Currently, the value of Cardano hovers slightly over one dollar, representing a minimal 2% drop within the last day. This temporary setback seems to have had little effect on its weekly progress, as it now boasts a growth of approximately 26%.
In a different discussion about X, Martinez shared an observation: The pattern of Cardano’s price seems to be repeating as it did during the previous market surge. During the last bullish phase, the ADA token experienced rapid growth in under a year, peaking at its current all-time high price of $3.09.
According to the analyst’s perspective, if the altcoin continues its trend based on past occurrences, reaching around $4 may be just around the corner. Yet, examining the chart closely suggests that the price of Cardano could potentially reach up to $6 before encountering a significant obstacle.
Read More
- ARB PREDICTION. ARB cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- W PREDICTION. W cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- What Are Silo 18’s Tunnels Connected To? Juliette’s Silo 17?
- CRV PREDICTION. CRV cryptocurrency
- Vishnu Manchu finally ENDS THE SILENCE over ongoing family feud between Manchu Manoj and Mohan Babu
- XVG PREDICTION. XVG cryptocurrency
2025-01-05 11:10