Cardano (ADA) has seen significant activity in the past 48 hours, with over 20 million ADA accumulated by whales, according to blockchain data shared by analyst Ali. Here’s what might be behind this massive surge:
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Key Developments Fueling Activity
1. Governance Enhancements: CIP-1694 and Plomin Hard Fork
CIP-1694: This governance framework is set to enhance decentralized governance, boosting investor confidence in Cardano’s long-term prospects.
Plomin Hard Fork: Scheduled for potential ratification in early January 2025, this upgrade will finalize Cardano’s on-chain governance features, marking the end of its technical bootstrapping phase.
2. Whale Accumulation
With ADA trading below $1, whales see an opportunity to buy at a discount.
Speculation about upcoming upgrades and a bullish market recovery might be driving this accumulation.
3. Market Recovery
As 2024 closes, the broader cryptocurrency market is showing signs of recovery, with ADA gaining 1.75% in the last 24 hours to reach $0.887.
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ADA Price Outlook
Key Resistance Levels:
$0.91 and the SMA 50 at $0.949.
Potential Upside:
Breaking above $1 could initiate a fresh uptrend, with targets at $1.20.
Downside Risks:
A drop below $0.76 might lead to further declines, with support at $0.50.
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Why It Matters
Cardano’s ongoing network upgrades and governance advancements are making it a more attractive blockchain for developers and investors alike. Whale accumulation indicates confidence in ADA’s future, with significant potential for growth as these upgrades take effect.
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Conclusion
With Cardano’s Plomin upgrade and CIP-1694 governance framework on the horizon, ADA is positioned for a pivotal moment in its evolution. Whale activity and a recovering market further support a positive outlook, but price resistance levels will be critical in determining its next move.
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