‘ADA Wave Is Coming’: Cardano Whales Go On Buying Spree As Price Attempts Breakout

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This year, Cardano (ADA) began by regaining its crucial $1 support level, a move that has pushed its price to reach new weekly highs. This uptrend seems to have caught the attention of large investors, or ‘whales’, and some crypto analysts predict that an even stronger rally for ADA is imminent.

Cardano Whales Fill Their Bags

In November, Cardano reached a value of $1 for the first time in more than two years, topping the crypto market following the post-election surge. Yet, the cryptocurrency experienced one of its most significant single-day declines during December’s corrections, shedding crucial support and dipping below $0.8.

Large holders of Cardano seized the year-end dip to purchase approximately 160 million ADA at reduced prices. Even with big players backing ADA, certain analysts noted a shift in the crypto’s market mood towards pessimism.

Nonetheless, ADA has participated in the New Year’s stock market rally, witnessing a 27% surge over the past week. This growth can be attributed to the overall market recovery and Bitcoin reaching an all-time high of $100,000. Starting off the new year, Cardano moved out from its $0.84-$0.90 price bracket and reclaimed the $1 mark by January 3.

After that, the cryptocurrency has been fluctuating between approximately $1.05 and $1.11, returning to its prices prior to the adjustments in December.

crypto expert Ali Martinez observed that significant Cardano investors, known as ‘whales,’ have been buying more of their holdings, approximately 10 million ADA within the last day. This could indicate a positive outlook among major investors regarding the cryptocurrency, as they increased their investments even further by acquiring an additional 40 million ADA over a two-day period when Cardano’s price exceeded $1.

ADA Attempts Breakout

With Bitcoin (BTC) hovering above $100,000 once more, Cardano’s (ADA) price made an effort to escape from a temporary bullish trend. As per Cardano trader Sebastian, ADA aimed to burst out of a bullish pennant following its encounter with the $1.15 resistance level early on Tuesday morning.

Additionally, Sebastian pointed out that ADA was attempting to transform a significant resistance zone into a support level on the ADA/BTC graph. According to the chart, this horizontal line had served as a key resistance point in the past, but if it were to be turned into support, it could potentially lead to ADA breaking through to the bull market. The investor suggested that such an upward breakout could propel ADA towards the entrance of the bull market.

Crypto expert Dan Gambardello, the head of Crypto Capital Venture, expressed optimism about the potential price movement of Cardano, following the news that Grayscale had incorporated the digital currency into its Digital Large Cap Fund (GDLC).

According to NewsBTC, Grayscale sold all of its Cardano holdings from the GDLC fund in April, making up approximately 1.62% of the total portfolio. This sale caused Cardano’s price to decrease by about 12%, drawing significant criticism due to what was perceived as underwhelming performance. However, Gambardello recently predicted that a resurgence for Cardano, or “the ADA wave,” is on the horizon.

Despite Cardano’s recent surge, it has temporarily paused due to Bitcoin’s sudden 4% dip to the $97,000 support level, which in turn pulled ADA and other cryptocurrencies down by around 8%.

The value of the cryptocurrency dropped from around $1.11 to the area of $1.02, but then it rebounded. Although there was a decrease, Cardano remains above the significant support level and is also higher than its correction in December. In the majority of mid-term and long-term timeframes, it shows positive numbers.

As of this writing, ADA is trading at $1.03, a 5.8% decrease in the last 24 hours.

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2025-01-08 15:04