Cardano (ADA) whales bought over 130 million ADA during the recent price dip, according to prominent crypto analyst Ali Martinez. The price drop mentioned by the analyst occurred when the price of ADA dropped by almost 20% this week from Monday to Tuesday. As a result of this action, the price of the Cardano token saw a drop from as high as $1.0778 to as low as $0.8743. After the local bottom was found in this zone, the price of ADA began to recover and is currently quoted at $0.984 per token.
In the midst of all this price volatility, it can be seen that the total amount of wallets holding between 100 million ADA and 1 billion ADA has increased to 3.2 billion ADA.
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This type of dip-buying behavior often shows that big investors are making calculated moves to take advantage of market fluctuations. They use temporary declines to strengthen their positions at a more favorable cost basis.
#Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5
— Ali (@ali_charts) November 27, 2024
ForCardano, this wave of buying suggests that the recent price movements are part of a broader upward trajectory, not the start of a prolonged bearish phase. The effects of such actions often go beyond the immediate price changes, influencing broader sentiment and reinforcing perceptions of strength within the asset's market.
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In total, theprice of ADA has risen 188.5% since the beginning of November, reaching a high not seen since the spring of 2022.
If the massive whale buying is indeed indicative of a bullish bias prevailing on ADA, then based on Fibonacci projections, we can expect the price of the token to reach as high as $2.453 per ADA or even higher to $8.30. The previous all-time high for the price of ADA is currently $3.10.
