Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network
cardano price Recently rejected The price level is around $1.1. Notably, the highlight of the past three months has been Cardano’s significant surge, topping $1 for the first time since early 2022 and peaking at $1.3 on December 3, 2024.
Although Cardano has remained above the $1 mark since then, the price action over the past 24 hours has fallen by 3.77% in line with the rest of the cryptocurrency market. However, on-chain data shows that the decline has Giving crypto whales another chance Double down on their holdings.
Surge in whale trading reflects continued confidence in Cardano
A surge in whale activity on the Cardano network has sparked another accumulation spirit among the holder community, says prominent crypto analyst Ali Martinez Outstanding development Social media platform X. Martinez noted that 687 transactions worth at least $1 million were recorded in the past 24 hours, indicating growing interest from large investors.
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This increase in activity is particularly notable as whale activity has been declining since early December, according to data from on-chain analytics platform Santiment. In particular, Cardano whale activity dropped from approximately 894 transactions on December 2 (just before it reached its current 2024 peak of $1.3), to approximately 240 transactions between December 8 and December 12.
Whale activity is one of the biggest indicators of network performance and its price outlook. While whale activity may also indicate whales exiting their positions, current market sentiment suggests whales are accumulating money. Furthermore, the increase in whale activity indicates continued confidence in the cryptocurrency’s price outlook.
Road to $2: What’s the future of Cardano?
As it stands, the recent $1.11 rejection has led to Cardano price falling Retesting support at $1. At the time of writing, Cardano (ADA) is trading at $1.03, although the risk of further declines remains.
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However, the surge in whale trading is a bullish sign that could lead to a rally in the cryptocurrency due to its counterbalancing effect against selling pressure.
The next goal remains to eventually break the $2 threshold, which could be achieved by the end of the year. Reaching the $2 price target, which is about 94% of current price levels, would require widespread bullish sentiment in the broader cryptocurrency market. Interestingly, cryptocurrency analysts at Changelly offered a more cautious outlook, with an ADA price of $1.15 at the end of the year.
Despite this, Cardano’s value has more than tripled in the past six weeks and may The momentum will soon be restored If the bulls can continue to hold above the $1 mark, the price will rise to $2.
Featured image created using Dall.E, chart from Tradingview.com
