Cardano Whales Acquire 120 Million ADA Worth $144M in Three Days
Cardano whales purchased 120 million ADA, valued at $144 million, in three days, signaling confidence in the altcoin's future potential.
Santiment data indicates that whale wallets holding 100 million to 1 billion ADA tokens increased their holdings from 3.15 billion to 3.27 billion between December 3 and 6.
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Photo: Santiment
Analyst Ali Martinez noted that a significant portion of this whale activity involved a purchase of 100 million ADA on Wednesday, suggesting bullish sentiment despite a +200% gain in November.
Cardano TVL Crosses $700M
Cardano's total locked value (TVL) reached $735.7 million, up from yearly lows of $200 million, marking an all-time high surpassing the previous record of $494 million set in March 2024.
TVL measures funds locked in DeFi smart contracts, reflecting investor trust in the network, which has improved in Q4 2024.
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Photo: DeFiLlama
Network growth is evident as DEX trading volume surged to yearly highs, increasing from $1.8 million before the US elections to $30 million, later stabilizing at $27.3 million, representing a 15x increase within a month. User activity also tripled, with active addresses rising from below 30,000 to over 90,000 during this period.
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Photo: Artemis
The correlation between DEX trading volume and ADA price suggests that continued network traction could drive further price increases.
ADA Price Action
Ali Martinez forecasts a potential 30% rally for ADA based on a bullish triangle formation. The ascending triangle pattern formed as ADA consolidated around $1.20 since late November typically leads to a breakout rally equivalent to the triangle's height.
Despite strong fundamentals supporting a bullish outlook, a drop below $1 would invalidate this short-term projection.