Cardano Whales Acquire 160 Million ADA Amid Price Recovery

Cardano (ADA) started the year strong, recovering the crucial $1 support level and reaching weekly highs. The recent bullish momentum has attracted significant investments from whales.

Key Developments

In November, ADA hit the $1 mark for the first time in over two years but faced a decline below $0.8 in December.
Whales acquired 160 million ADA during the end-of-year pullback despite a bearish market sentiment.
ADA has increased by 27% in the past week, reclaiming the $1 mark on January 3 after Bitcoin's rise to $100,000.
The price stabilized between $1.05 and $1.11 post-recovery.
Whales purchased over 10 million ADA within 24 hours recently, indicating strong investor confidence.
ADA attempted to break out of a bullish pennant pattern, facing a resistance level at $1.15.
Crypto analyst Dan Gambardello noted Grayscale's addition of ADA to its Digital Large Cap Fund as a positive signal for future price action.
Recent BTC price drops affected ADA, causing it to dip to the $1.02 range before partially recovering.
As of now, ADA is trading at $1.03, reflecting a 5.8% decrease in the last 24 hours.

Cardano Price Chart