Whales Acquire 210 Million ADA as Cardano Trades Near Support Levels

Cardano (ADA) is currently trading under pressure, with a decline of over 3% in the last 24 hours, reaching around $0.36. Despite this, whales have accumulated 210 million ADA tokens in the past three weeks.

ADA's price fluctuated between $0.36 and $0.40 in the last day, with a weekly range up to $0.43.
Exchange reserves show a slight drop in available ADA, indicating more tokens are held off-market, potentially tightening supply if demand increases.

Technical Analysis

ADA is near the lower boundary of a symmetrical triangle on the weekly chart.
Support is located between $0.36 and $0.30, with $0.28 being a broader support zone.
If support holds, a multi-stage recovery could target $0.80-$1, then potentially $1.40-$1.60.
A breakout above resistance could see ADA reach higher levels, possibly influenced by ETF push and regulatory support.
Resistance is noted at the $0.45-$0.50 range, which must be overcome for sustained upward movement.

Long-Term Prospects

A $100 ADA is considered unlikely unless it sees massive market adoption and development.
Achieving such a price would require a market cap exceeding that of Bitcoin and Ethereum combined.

Cardano Price Chart

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