Cardano (ADA) has been one of the most popular altcoins in the market over the past few days. As of Friday, the decentralized blockchain platform’s native token, ADA, is struggling to regain its footing above the psychological barrier of $1. The recent bullish momentum has made ADA stand out among the top ten cryptocurrencies and become one of the best performing assets in the past week.
Whale activity is the main driver of price surges
Although overall altcoin market sentiment has improved, ADA’s strong rally is clearly inseparable from a significant increase in whale activity. According to on-chain analysis data, a large amount of funds flowed into Cardano’s ecosystem, directly driving the price upward.
Whales purchased over 40 million ADA in 48 hours
Renowned crypto analyst Ali Martinez recently pointed out on social media platform X that Cardano's whale group (investors holding 10 million to 100 million ADA) has shown extremely high activity in recent days. The buying activity of this group has had a noticeably positive impact on market trends.
According to data provided by Santiment, in just 48 hours, Cardano whales have accumulated over 40 million ADA tokens, estimated to be worth about $42.8 million at the current market value. This phenomenon indicates that despite the overall market being sluggish, ADA still attracts the firm confidence of institutional investors and large holders.
The collective actions of whales are often seen as leading signals for market direction. This high-intensity whale activity not only directly stimulated a short-term rise in ADA prices but also enhanced market optimism about its medium to long-term trends. If this trend continues, Cardano's price is expected to challenge the high point of early December 2024 again, and it may even surpass previous records.
Can it break the historical high?
As of now, Cardano's price remains around $1. Although it has slightly retraced about 2% in the past 24 hours, this fluctuation has not shaken its strong weekly gain of 26%.
Analysts generally believe that the current market structure resembles that of the last bull market cycle. In the previous bull market, ADA went from a low to a historical high of $3.09 in less than a year. If this historical pattern repeats, ADA's potential target price in the future may exceed $4, and it could even test the psychological barrier of $6 under strong momentum.
However, investors should also be cautious of potential technical resistance areas and market sentiment fluctuations, especially after a rapid increase in ADA prices, as the market may experience short-term profit-taking. Maintaining key support levels will be an important reference for judging its subsequent trends.
Whales are buying, ADA is worth paying attention to!
Cardano's recent market performance is undoubtedly a 'visual feast,' and the whales' buying action is exhilarating. Investing is a game of wisdom and timing, and those who can capture early signals are often the ultimate winners. If you also want to seize opportunities in the next bull market, it might be a good idea to learn more about Cardano's ecological layout and technological potential.
Don't forget to follow the expert for more timely and professional market analysis and operational advice! Instead of envying the whales for their significant profits, start taking action now, and let’s ride the waves in the crypto market together!
