Cardano Whales Holding $10M ADA Grow Positions by 420%
Cardano (ADA) has been making crazy moves over the past few days and has attracted significant attention from cryptocurrency enthusiasts, including whales and traders. In addition to the sharp upward rally over the past few days, market sentiment suggests that this rally is expected to continue as Cardano’s ADA has room to surge.
Whales and traders drive ADA momentum
ADA’s strong bullish outlook is likely driven by positive market sentiment, heavy participation from traders and investors, and favorable price action patterns.
The latest data from on-chain analytics companies Coinglass and IntoTheBlock shows heavy participation from traders and whales.
Cardano Whales Recent Accumulation
According to data Enter the neighborhoodCardano whales holding $10 million worth of ADA tokens increased their positions by 419.68%, a rise of 267% in the past week. This significant participation suggests a potential upside rebound in the coming days and provides a perfect buying opportunity.
Open interest rises
Meanwhile, ADA’s open interest (OI) surged 9.8% to $930 million, highlighting how traders are taking advantage of current price action and market conditions, leading to an increase in open interest.
Cardano (ADA) Technical Analysis and Upcoming Levels
According to expert technical analysis, ADA recently broke through the strong resistance level of $1. It has since been consolidating within a tight range between $1.02 and $1.10. Recent price action shows that whenever ADA consolidates and subsequently breaks out, it tends to surge higher.
Based on historical price action, if ADA breaks out of this consolidation area and closes above $1.14 with a 4-hour candle, there is a good chance that it will surge 30% to $1.50 levels in the near future. This time, however, experts expect a similar rebound in the coming days.
Current Price Momentum
At press time, ADA was trading near $1.06, with prices up more than 9.5% in the past 24 hours. During the same period, its trading volume surged by 30%, indicating increased participation from traders and investors compared to the previous day.
