Cardano's Price Soars as Whales Acquire 70 Million ADA in a Week

Cardano’s ADA has become part of the cryptocurrency market’s resurgence, moving close to $0.90.

Recent activities from substantial holders indicate that this positive trend may persist short-term.

Accumulating More Tokens

Prominent user Ali Martines revealed that ADA whales (those holding between 1 million and 10 million tokens) have acquired an additional 70 million ADA over just a week. The current USD equivalent of these acquisitions is about $60 million, with this group wielding nearly 5.6 billion ADA, which represents 15% of the circulating supply.

Such developments are typically seen as bullish, potentially leading to further price increases for Cardano’s cryptocurrency. Whales often have access to insider information about forthcoming events, and their substantial buys might motivate smaller investors to enter the market as well.

Moreover, these large purchases reduce the number of coins available on the open market, possibly setting the stage for upward price movements, should demand remain stable or increase.

Price Predictions

At the end of September, analyst Martinez claimed that ADA is at a pivotal moment, suggesting that a dip below $0.80 could impede a potential rise towards $0.95. Following a recent market correction, ADA fell below this threshold, and it’s now uncertain if this forecast will materialize.

Other analysts have more favorable outlooks. User Crypto King asserted that the asset’s price trajectory is “extremely bullish” and noted that they have increased their investment in the coin.

“One breakout and we will see $2, which decides upward or downward movement,” noted an insightful observer.

Meanwhile, another commenter on X disclosed that sentiment within the Cardano community has hit its peak in the last 30 days, with 92% expressing bullish feelings. While this might sound promising for enthusiasts, it could also suggest a bearish scenario.

Extreme positivity may indicate overbought conditions, which might allow sellers to take the lead soon. It is also pertinent to remember that the cryptocurrency market often behaves counter to general expectations.