ADA recorded 687 whale trades exceeding $1 million in 24 hours, driving up Cardano's price, as Charles Hoskinson aims for unstoppable growth by 2025.
Recent data shows a significant increase in whale activity on the Cardano (ADA) network. There were 687 transactions exceeding $1 million in 24 hours, indicating strong interest from large investors. With Cardano's price expected to rise to $2, this influx of funds reflects growing confidence in ADA's future growth.
Meanwhile, the founder of Cardano reiterated the importance of a community-driven ecosystem and stated that cryptocurrencies are approaching a milestone that could make them unstoppable by 2025.
Surge in whale trades on the Cardano network
According to data, the Cardano network recorded 687 transactions in the past 24 hours, each valued at over $1 million. This highlights the growing interest and confidence of whales in the altcoin, indicating that a significant price increase may be imminent.
Moreover, these noteworthy trading details have been highlighted by cryptocurrency experts on social media. However, ADA experienced a spike in trading volume during the consolidation period, as it had a very narrow trading range in the past week.
More importantly, this trend follows a consistent accumulation pattern observed earlier this month. The frenzy of large investors buying has strengthened ADA whales' confidence in ADA's long-term potential. This large-scale accumulation by whales often signals an upcoming price increase for Cardano as buying pressure increases and investor confidence grows.
Additionally, Hoskinson commented on the future of the network, emphasizing that Cardano's vision is user-driven. He outlined two key milestones: the approval of community budgets and charters. The founder of Cardano believes that these milestones will position Cardano as a leading cryptocurrency by 2025.
Hoskinson emphasized that
We are at a very critical turning point, and this dream is almost a reality. I have devoted my life to bringing Cardano to this point. By 2025, we will achieve this goal.
Technical analysis of Cardano (ADA) and upcoming levels
Currently, ADA seems to have formed a bearish head and shoulders price action pattern. However, this pattern is not yet complete as the price remains trapped in the consolidation range between $1.07 and $1.14. This range could determine whether ADA will go up or down in the coming days.
Market outlook: Can Cardano's price reach $2?
With the recent surge in whale activity, the price of Cardano has seen a slight increase. If ADA breaks through the narrow range and closes above $1.14 on the daily chart, the bearish pattern will be invalidated, and the price of ADA could soar by 43% to the $1.63 mark in the future.
Conversely, if ADA breaks below the range and closes below $1 on the daily chart, the bearish pattern will be confirmed, and the ADA price could drop by 24% to the level of $0.78.
However, as ADA continues to receive support from the upward trend line, this bearish outlook currently seems manageable. On the positive side, ADA's Relative Strength Index (RSI) is currently at 52, below the overbought zone, indicating that the asset has enough room for upward movement in the coming days.
Moreover, the analysis of the 4-hour moving average convergence divergence (MACD) chart indicates a bullish trend. The MACD line has started to cross above the signal line, indicating strong upward momentum, which is evident. Additionally, the histogram bars have changed from red to green, reflecting increased buying pressure.
However, despite the increase in whale trading activity being a positive factor, whether the price can rise to $2 also depends on various factors, including overall market sentiment, technical indicators like the Relative Strength Index (RSI), and support from other market data. Currently, the ADA price is hovering in the range of $1.07 to $1.14, which is a critical technical range. Whether the price can break through this range and further rise to $2 needs to be observed with more market performance and data support.
In summary, while the current increase in whale trading activity is a positive signal, whether ADA can rise to $2 still requires more market data and other technical indicators for support. Investors should stay attentive to market dynamics and closely monitor future trading and technical indicator performance.