According to U.Today, Cardano (ADA), currently the ninth largest cryptocurrency by market capitalization, has experienced a notable increase in Large Holder Netflows this week. Data from IntoTheBlock indicates that these netflows have surged by 393%, suggesting a potential accumulation by large holders, often referred to as whales. This accumulation coincides with ADA's seven-day rally, during which it reached multi-month highs, benefiting from the broader positive momentum in the cryptocurrency market. On Sunday, ADA hit a high of $0.659, a level last seen in March of this year.
The recent activity among large holders may indicate strategic accumulation of ADA, possibly in anticipation of forthcoming developments within the Cardano ecosystem. This trend reflects a bullish sentiment among investors regarding Cardano's future prospects. Despite a slight dip of 2.06% in the last 24 hours, bringing the price to $0.581, ADA remains up by 74% over the past week. The cryptocurrency market experienced a pause in its recent rally, with Cardano reaching a low of $0.556 after peaking at $0.654 on Tuesday.
Cardano's recent seven-day surge began after it found support at $0.32 on November 4, leading to a fresh upward movement. However, the rally appears to be encountering resistance near $0.66, as ADA tested highs of $0.659 and $0.654 on November 10 and 12, respectively. Despite this resistance, the bulls have maintained their position without significant losses. Should a pullback occur, support levels are anticipated at $0.53 and $0.49. Conversely, a successful breakthrough past $0.66 could target $0.684, with the potential to reach the yearly high of $0.81.
