Cardano Whales Accumulate Over 100 Million ADA as Price Holds Above $1.15
Cardano (ADA) has remained stable above the $1.15 level since Monday despite market volatility caused by Bitcoin. This stability indicates ADA's strength in uncertain conditions.
Analyst Ali Martinez noted increased whale activity, suggesting heightened interest from institutional investors and high-net-worth individuals, often signaling potential price movements.
ADA's ability to maintain support at $1.15 is critical for traders and investors. Sustaining this level could lead to bullish momentum towards new highs, while a drop below would indicate increased downside risk and potential consolidation.
Big Players Keep Buying Cardano
Cardano has consistently held previous highs as support, reflecting strong market confidence. Whale activity has driven this momentum, with significant accumulation noted recently.
According to Ali Martinez, Cardano whales accumulated over 100 million ADA in 24 hours, valued around $115 million, indicating bullish sentiment among influential investors.
This accumulation aligns with discussions of an "alt-season," where altcoins typically outperform Bitcoin. Cardano's fundamentals and network activity position it favorably for potential gains during such periods.
The combination of whale buying and robust market trends suggests ADA is poised for significant price increases. Its ability to maintain momentum will be pivotal in the coming weeks.
Price Holding Above Key Level
ADA is trading at $1.16 after a 15% pullback from local highs of $1.32. The price remains above the critical support level of $1.15, essential for maintaining bullish momentum.
If ADA holds above $1.15, it may retest higher supply zones, potentially reaching $1.32 and beyond. This level is crucial for bulls aiming to regain control and drive prices higher, confirming a healthy retracement within an uptrend.
However, failing to maintain the $1.15 support could indicate weakness, leading to extended consolidation and delaying upward movement. Traders are closely monitoring this level as broader market dynamics remain uncertain. ADA’s performance above $1.15 will significantly influence its short-term trajectory.
Featured image from Dall-E, chart from TradingView