đđ Cardano Whales Trigger $142M Inflows: ADA Price Rebound on the Horizon? đđ
As Cardano (ADA) faced an 11% dip from its 2023 peak on Dec 28 to $0.60 on Dec 31, crypto whales seized the opportunity, investing a staggering $142 million in ADA coins. Will this massive influx spark a bullish reversal for ADA? Let's dissect the insights and potential scenarios.
đ Key Insights:
On-Chain Data Signals Bullish Momentum:
Despite ADA's correction, on-chain data reveals that crypto whales continued to accumulate, increasing their positions by 237.31 million ADA over the weekend.
Large Holder Netflow remained positive, indicating sustained bullish sentiment among institutional investors and high-net-worth individuals.
Whales Bolster ADA Support at $0.60:
The $142 million investment by whales positions ADA as a potential rebound candidate, as buying during a downtrend often signals confidence in an imminent recovery.
Whales contribute liquidity, preventing sharp price declines and fostering a positive market sentiment.
Potential Scenarios for ADA Price:
With the current ADA price at $0.60, the ongoing whale buying trend suggests support at this level. A break below could signal weakness.
ADA bulls may face resistance around $0.65, considering the cautious sentiment surrounding Layer-1 altcoins.
Global In/Out of the Money Analysis:
The In/Out of the Money Around Price chart highlights that holders who entered at $0.63 might seek exits without strong bullish conviction, potentially impacting ADA's price dynamics.
đź Cardano Price Forecast: Can ADA Hold Above $0.60?
While the whales' buying spree indicates resilience around the $0.60 support, challenges persist in reclaiming the $0.65 area. The overall cautious sentiment in Layer-1 alts could pose hurdles for ADA bulls.
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