Cardano (ADA) has struggled since dropping 42% from its multi-year high of $1.32 in early December. The correction suggests market uncertainty and investors taking profits after its incredible run. However, on-chain indicators point to a surge in whale accumulation, which could change the market dynamics.
Leading analyst Ali Martinez said that large investors have bought around 20 million ADA in the previous 48 hours. Whales continue to hoard on a large scale, boosting confidence in Cardano’s long-term potential.
The increased interest from major companies comes as Cardano expands its ecosystem with significant development efforts and collaborations. The ADA accumulation phase could be a turning point as whale activity generally precedes market recovery and price appreciation.
Cardano whales buy
Long-term investors, especially whales, are piling in despite the Cardano price decline. This dramatic increase in piling suggests that large investors are preparing for a price breakout.
High whale activity usually precedes market changes, and this seems to be no exception. Even if the market is volatile, prominent Cardano players are becoming more confident. Analysts believe that whales are waiting for Cardano blockchain advances that could boost interest and price.
ADA maintains its levels
Despite the recent selling pressure, Cardano is trading above $0.85. This vital demand area has prevented further declines and laid the foundation for a recovery. ADA’s future moves could determine its price direction in the coming weeks.
Analysts are expecting a huge rally if Cardano can confidently reclaim $1. ADA could approach its yearly high of $1.32 hit during its incredible run in early December with such a move. A break above this level could herald a market turnaround and boost Bitcoin prices.
However, the negative concerns still remain. If the support levels are broken, ADA could return to the demand zones at $0.75. This would indicate a rise in bearish sentiment, confirming the struggle between bulls and bears.