Cardano’s price has surged by nearly 15% in the past seven days. This uptrend is driven by increased accumulation activity from its large investors, commonly known as “whales.”
ADA’s double-digit gains have put it ahead of leading cryptocurrencies like BTC and ETH, which have remained largely flat. A rising bullish bias positions ADA to sustain this trend.
Cardano whales drive price rally
Data from Santiment shows that ADA whales holding between 10 million and 100 million coins have collectively purchased 60 million ADA, worth over $58 million, in the past seven days. At the time of writing, this group of ADA investors holds 12.21 billion coins, marking its highest level in the past 30 days.
Furthermore, when whales increase their accumulation of an asset, it is a bullish sign, indicating strong confidence in the market. However, this trend often encourages retail investors to follow suit, reducing the supply of the asset on exchanges and increasing its value.
Cardano Supply Distribution. Source: Santiment
On-chain data links the increase in whale accumulation to ADA’s current undervaluation, as indicated by its negative Market Value to Realized Value (MVRV) ratio across multiple moving averages.
This indicator, which assesses whether an asset is overvalued or undervalued in relation to the average cost to its holders, signals a buying opportunity.
Cardano MVRV ratio. Source: Santiment
A negative MVRV ratio, as seen with Cardano, suggests undervaluation, attracting ADA whales hoping for a price recovery.
ADA Price Prediction
ADA is trading slightly above the support formed at $0.94 on the daily chart. However, if whales continue to accumulate, they will hold this support level, anchoring a return above $1.
Cardano Price Analysis. Source: TradingView
However, if the bulls fail to defend this key support, it will take ADA price to $0.85, invalidating this bullish projection.
The article Cardano Whales Acquire 58 Million ADA; Check It Out was first seen on BeInCrypto Brasil.
