Cardano Price Declines to $1.03 Amid Surge in Whale Transactions
The Cardano price has recently rejected around the $1.1 level. Over the past three months, Cardano experienced a surge, breaking above $1 for the first time since early 2022 and peaking at $1.3 on December 3, 2024. Although it has remained above $1 since then, the last 24 hours saw a 3.77% decline in price alongside the broader crypto market. On-chain data indicates that this decline has allowed crypto whales to increase their holdings.
Surge In Whale Transactions Reflects Continued Confidence In Cardano
A significant increase in whale activity on the Cardano network suggests renewed accumulation among holders. Analyst Ali Martinez reported 687 transactions valued at over $1 million within the past 24 hours, indicating growing interest from large investors. Data from Santiment shows that whale activity had been declining since early December, dropping from about 894 transactions on December 2 to roughly 240 transactions between December 8 and December 12.
Whale activity is a key indicator of a network's performance and price outlook. While such activity can also indicate exits, current sentiment leans towards accumulation, reflecting ongoing confidence in Cardano's price prospects.
The Path To $2: What Lies Ahead For Cardano?
The recent rejection at $1.11 has led to a decline, with Cardano currently trading at $1.03 and retesting support at $1. A further downside move remains a possibility. However, the uptick in whale transactions could provide bullish momentum against selling pressure.
The next target is a break above the $2 threshold, potentially achievable by year-end if overall market sentiment is bullish. This would represent a 94% increase from current levels. Analysts at Changelly project a more conservative year-end ADA price of $1.15. Despite this, Cardano has tripled in value over the past six weeks and could resume upward momentum towards $2 if it maintains above the $1 mark.
