Market analyst Ali Charts reports that Cardano whales have purchased over 130 million ADA tokens during the latest market correction.
Moreover, this whale accumulation pattern aligns with ADA’s price surge to $0.9954, marking a 9.57% increase in 24 hours and a 20.07% rise over seven days, according to CoinGeko data.
Whale Activity Signals Market Confidence
Large-scale Cardano holders, controlling between 100M to 1B ADA tokens, have expanded their positions through November’s market movements. The accumulation phase coincided with ADA’s price finding support in the $0.83-$0.85 range.
Market data reveals these institutional-sized purchases helped establish a foundation for the subsequent price appreciation.
#Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5
— Ali (@ali_charts) November 27, 2024
The whale buying behavior preceded ADA’s upward price movement, establishing a correlation between large-holder activity and market direction. Trading volumes surged as these substantial market participants increased their exposure to the digital asset.
Technical Analysis Points to Key Price Levels
Chart analysis by Rose Premium Signals identifies multiple price targets for ADA’s current market structure. The crypto faces resistance at $1.1563, with subsequent levels at $1.3658 and $1.5403.
The 0.786 Fibonacci retracement level serves as a technical reference point for traders monitoring potential entry positions.
Cardano ( $ADA) Analysis:Cardano ( $ADA) shows potential for a retracement to the highlighted support zone near 0.786 Fibonacci level. This could create a false breakout opportunity before resuming its upward trend. Key targets for $ADA are 1.1563 (T1), 1.3658 (T2), and 1.5403… pic.twitter.com/kJgzn0egTF
— Rose Premium Signals (@VipRoseTr) November 26, 2024
The price action demonstrates a series of higher lows, forming a constructive market pattern. Trading volume data supports the price advancement, suggesting sustained market interest at current levels.
Read also: Fantom (FTM) Price Pumps: ‘There’s a Lot to Like,’ Says Elite Crypto Analyst
Market Statistics Reflect Growing Momentum
CoinGeko’s market data captures ADA’s strengthening position across key metrics. The 24-hour trading volume reached $2,984,595,667, demonstrating active market participation.
Moreover, the percentage gains across multiple timeframes indicate building momentum in ADA’s market performance.
The price movement follows a period of consolidation, with clear support and resistance zones emerging from the market structure. Chart patterns suggest the possibility of continued upward movement, pending market conditions and broader cryptocurrency trends.
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