Cardano whales are on the move: Is the ADA bull starting?

Cardano (ADA) whales, who have been silent for a long time, are finally on the move.

The ADA price has started to recover with the upward movement of the market. According to data from CoinMarketCap, the major coin has increased by 1.5 percent in the last 24 hours and reached $ 0.335. The activities of ADA whales, which triggered the price increase, increased by more than 10 percent in a short time. 19.5 billion ADA ($ 6.48 billion) was moved in just one day.

According to IntoTheBlock data, the majority of large transactions (more than $ 100,000) were made within 24 hours. The increase in whales' buying transactions gave confidence to the parity. This development, which usually indicates an upward trend, may start a new bull in $ADA if it remains positive for a while.

Charles Hoskinson, the founder of the Cardano protocol, came to the fore last week with his core network activities. Hoskinson, who made critical comments about Cardano at the TOKEN2049 event held in Singapore, gave hope to investors.

ADA, which has a market value of $ 12 billion as of the writing of the news, achieved a trading volume of $ 220 million in the last 24 hours. If BTC holds above $ 60,000, positive news about Cardano comes, or $BTC dominance decreases, an increase in the parity can be expected. In such a scenario, the $ 0.45 - $ 0.50 range can be targeted for the short/medium term.

However, if the opposite scenario occurs, there may be pullbacks to the $ 0.25 band. This level has been maintained as a good support in the past.

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