Cardano Price Surges 26% as Whales Purchase 40 Million ADA
The Cardano price recently returned above $1, making ADA the top-performing asset among the ten largest cryptocurrencies. This bullish trend is attributed to an improving altcoin market and increased activity from large holders (whales).
Cardano Whales Purchase 40 Million ADA In 2 Days
Crypto analyst Ali Martinez noted that Cardano whales have become more active, with investors holding between 10 million and 100 million coins increasing their holdings. This class of whales significantly influences market movements.
Data from Santiment shows that these whales acquired over 40 million ADA tokens, valued at approximately $42.8 million. This buying activity indicates strong confidence in Cardano despite a sluggish market.
Increased whale activity often positively impacts Cardano's price, suggesting sustained purchases could drive the altcoin towards its early December 2024 highs.
What Next For Cardano Price?
Currently, the Cardano price is just above $1, reflecting a nearly 2% decline in the last 24 hours, but retains a weekly gain of about 26%. Analyst Martinez observed that Cardano's price trajectory resembles patterns from previous cycles, where ADA saw significant growth, reaching an all-time high of $3.09.
If this historical pattern continues, a movement towards $4 could be possible, with potential highs reaching $6 before encountering resistance.
