Increased Whale Transactions Show Cardano Confidence
Recent Cardano price rejections include $1.1. In the previous three months, Cardano broke over $1 for the first time since early 2022 and peaked at $1.3 on December 3, 2024.
After holding over $1 since then, Cardano has dropped 3.77% in the previous 24 hours along with the crypto market. According to on-chain statistics, the dip has provided crypto whales another chance to buy more.
Increased Whale Transactions Show Cardano Confidence
A rise in Cardano whale activity has sparked another spirit of accumulation among holders, according to noted crypto analyst Ali Martinez on X. Martinez stated that 687 $1 million transactions were registered in the preceding 24 hours, indicating growing interest from major investors.
Cardano whale activity dropped from 894 transactions on December 2, when it achieved its 2024 top of $1.3, to 240 transactions between December 8 and 12.
Whale activity is a key indication of network performance and pricing forecast. Whale activity might indicate whales selling, while market mood suggests accumulation. The rise in whale activity also shows sustained optimism about the cryptocurrency's valuation.
Cardano has fallen to retest $1 after the $1.11 rejection. Cardano (ADA) is now trading at $1.03, but it might fall more.
However, the rise of whale transactions might boost the cryptocurrency owing to its counterbalance to selling pressure.
A final break over $2 may be possible before the year ends. Reaching the $2 price objective, 94% over its current price, would need crypto market bullishness. Changelly crypto experts predict a year-end ADA price of $1.15, which is more conservative.
However, Cardano has more than quadrupled in value in six weeks and might resume its trend towards $2 if bulls can stay above $1.
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