Cardano Surpasses $1 Mark as Whale Activity Increases
Cardano (ADA) has surpassed the $1 barrier, a level that seemed unattainable for most of 2023. This price surge has attracted attention from analysts and investors after years of struggle to breach this psychological threshold.
Despite recent price consolidation, analysts predict this may signal the start of a more significant rally.
Cardano: Consolidation Phase
After crossing the $1 mark, ADA's momentum has weakened, hovering around $0.99 to $1.00. Many investors expected a continued rally, but the token has entered a consolidation phase. Analyst Dan Gambardello views this as a positive sign for redistribution, suggesting it is necessary for ADA's upward movement.
For years through the bear market, many didn’t think $ADA would ever hit $1 again. Many holders have been waiting to sell at $1. Now that we’ve reached $1, it’s great to see a consolidation and redistribution. After this phase is over, Cardano can focus on $5 and $10. — Dan Gambardello (@cryptorecruitr)
Gambardello expects ADA could target higher price points between $5 and $10 following this consolidation phase.
Increase in Whale Activities
Whale activity has notably increased during Cardano's recent performance. Over the past weeks, ADA whales have significantly raised their holdings, especially after the token surpassed $1. Reports indicate millionaires own over 130 million ADA tokens, totaling more than 3.2 billion. This accumulation reflects strong support for the token, which may sustain its price growth despite profit-taking.
Whale Appetite Up
With Bitcoin nearing $100,000, attention has shifted to other cryptocurrencies like Cardano. ADA's market capitalization has risen over 30% in the past week, reaching approximately $35 billion. Increased whale activity and potential favorable regulatory conditions have heightened investor optimism regarding Cardano's future. Speculation around partnerships involving Cardano's founder and U.S. President Donald Trump adds to this excitement.
While these factors remain speculative, they enhance the belief that Cardano may reach new price milestones soon. Recent performance indicates ADA is competitive again, with the potential to achieve new heights supported by expanding market sentiment and robust whale backing. The target range of $5 to $10 appears ambitious yet attainable with the right catalysts.
Featured image from Christopher Swann/Minden Pictures, chart from TradingView