According to U.Today, Cardano (ADA) whales have acquired over 130 million ADA during a recent price decline, as reported by crypto analyst Ali Martinez. The price of ADA experienced a significant drop of nearly 20% earlier this week, falling from $1.0778 to $0.8743. Following this decline, the price began to recover and is currently valued at $0.984 per token. This buying activity has led to an increase in the total amount of wallets holding between 100 million ADA and 1 billion ADA, now totaling 3.2 billion ADA.
This strategic buying behavior by large investors indicates a calculated approach to capitalize on market fluctuations. By purchasing during temporary price declines, these investors aim to strengthen their positions at a more favorable cost basis. Such actions suggest that the recent price movements are part of a broader upward trend rather than the onset of a prolonged bearish phase. The impact of these purchases extends beyond immediate price changes, influencing market sentiment and reinforcing perceptions of strength within the Cardano market.
Since the beginning of November, the price of ADA has surged by 188.5%, reaching levels not seen since the spring of 2022. If the substantial whale buying reflects a prevailing bullish sentiment, Fibonacci projections suggest that the price of ADA could rise to $2.453 or even higher, potentially reaching $8.30. The previous all-time high for ADA stands at $3.10. This recent activity highlights the ongoing interest and confidence in Cardano's potential growth trajectory.
