Cardano Whales (ADA) are back on the scene, with recent data suggesting that their confidence in the crypto token may have been revived. If so, this will be huge for ADA, which could experience significant price increases coming soon based on this development.
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Cardano whales increase their holdings
O IntoTheBlock market intelligence platform recently revealed in an X (formerly Twitter) publish that Cardano whales (who hold between 100 million and 1 billion ADA) have now added 11% to their balances in the last 30 days. These investors now hold 6.71% of Cardano’s total supply.
This represents a bullish development for Cardano as accumulation of whales generally suggests that these investors are positioning themselves for a potential price increase. These whales also contribute to rising prices, as purchases of this magnitude could trigger a rise in the price of any cryptographic token.
In addition to whales, retail investors are also heavily invested in Cardano. Data from IntoTheBlock shows that the buying and selling volume imbalance is bullish for ADA. Additionally, the “In The Money” metric has also turned bullish for Cardano, meaning that most of these investors are currently in profit.
Generally, trust in the Cardano ecosystem is growing once again. Data of DeFiLlama shows that the Total Value Locked (TVL) on the network has increased by more than 5% in the last seven days. Lately, there has also been a significant increase in Cardano trading volumewhich means users are actively trading on the network.
Cardano rally is imminent
Crypto Analyst World of Charts suggested that Cardano could soon experience a significant recovery, watching that the crypto token’s breakout has now been confirmed and is moving towards projected price targets. The analyst had previously predicted that a successful escape would lead Cardano Price to $1 in the coming weeks.
Trend Rider Crypto Analyst also confirmed that Cardano is already witnessing a bullish reversal, highlighting the jump the crypto token made after issuing a bullish signal on the daily chart. In the short term, the analyst wait ADA will return above $0.5 and added that Cardano will need to remain above $0.51 on a weekly basis to end the price correction and confirm a continuation of upside.
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Crypto Analyst Dan Gambardellothe founder of Crypto Capital Venture, also offered insights into Cardano’s future trajectory. He noted that Cardano is currently breaking its 20-day moving average (MA), which the analyst stated is a “good sign” for ADA.
Gambardello pointed out on Cardano’s daily chart that the 50-day MA has crossed the 200-day MA, which likely means the bottom is already in, and this is the lowest level Cardano will go. This occurrence is called golden cross and is a bullish signal, indicating the start of an upward trend.
Featured image from Pexels, chart from TradingView