Large wallet investors’ staking of Cardano suggests ADA will surge on Tuesday.
In the last 24 hours, whales holding 1 million to 10 million Cardano coins have added 10 million ADA.
After falling about 2% on Tuesday, ADA has gained more than 24% in the past week.
Cardano (ADA) fell 2% on Tuesday as traders took profits. Large altcoin portfolio investors are quickly scooping up the token. This is usually a good sign for Cardano and could help it recover.
If the Cardano price continues to rise, experts are expecting a positive breakout.
These catalysts may lead to an increase in Cardano.
Santiment’s on-chain data indicates that whales holding 1 million to 10 million ADA have 10 million Cardano in their wallet addresses. Between Monday and Tuesday, whales bought ADA tokens.
Network realized profit/loss (NPL) is an important on-chain metric that tracks the net profit/loss of all tokens each day. Tuesday saw a big jump in NPL but no increase in whale trades above $100,000. While ADA holders are benefiting, whales may be amassing while regular traders are making profits.
Whale wallet holdings increased despite profit taking, meaning that regular traders or small investors in ADA made profits.
Cardano is preparing for a bullish breakout
In an exclusive interview with FXStreet, Bitget Senior Research Analyst Ryan Lee said:
“The market rally following recent gains, general market sentiment, and the measured growth of the Cardano ecosystem have halted its price rally around $1.10. This pause could lead to a positive breakout if the price breaks $1.40 or a negative turn if it fails to hold support.
Lee cited the growth of the DeFi ecosystem, network updates, and notable collaborations as factors influencing the altcoin’s direction.
Bitcoin and regulatory changes could impact ADA price. In the medium term, breakouts indicate continued upward momentum, while declines could signal a correction, he added.