Cardano (ADA) whales are making headlines with a notable increase in their holdings, suggesting renewed confidence in the crypto token. This development could lead to significant price surges for ADA in the near future.
Cardano Whales Add to Their Holdings
According to market intelligence platform IntoTheBlock, Cardano whales—investors holding between 100 million and 1 billion ADA—have increased their balances by 11% over the past 30 days. These whales now control 6.71% of Cardano’s total supply. This accumulation typically signals bullish sentiment, as large investors position themselves for potential price increases. Whale buys of this magnitude can also trigger rallies in the token’s price.
Growing Retail Investor Interest
In addition to whale activity, retail investors are also showing strong interest in Cardano. Data from IntoTheBlock reveals a bullish bid-ask volume imbalance for ADA. Moreover, the ‘In The Money’ metric, which indicates the proportion of holders currently in profit, has turned positive for Cardano.
Increased Confidence in Cardano Ecosystem
Confidence in the Cardano ecosystem is on the rise. DeFiLlama data shows a 5% increase in the Total Value Locked (TVL) on the network over the past week. This uptick, along with a significant increase in Cardano’s trading volume, indicates active user engagement and trading on the network.
Also Read: DappRadar Report Reveals Surge in DApp Wallets to 7M
Anticipated Cardano Rally
Crypto analysts are predicting a substantial rally for Cardano. World of Charts suggested that Cardano might soon see significant price increases, with a confirmed breakout potentially driving the price to $1 in the coming weeks. Trend Rider, another analyst, highlighted a bullish reversal for Cardano, expecting ADA to rise above $0.5 in the short term and needing to hold above $0.51 on the weekly chart to confirm a bullish trend continuation.
Technical Indicators Support Bullish Outlook
Dan Gambardello, founder of Crypto Capital Venture, pointed to Cardano’s technical indicators as a sign of future growth. He noted that Cardano is breaking its 20-day moving average (MA), a positive signal for ADA. Additionally, the 50-day MA has crossed the 200-day MA, forming a “golden cross,” which is a bullish indicator suggesting the start of an upward trend. Gambardello believes this crossover likely marks the lowest point for Cardano, setting the stage for future gains.
