- Cardano price surged 107% as whales accumulated 1.41 billion ADA since November 2023.
- Despite short-term dips, long-term holders and positive market trends suggest continued growth for ADA.
Cardano (ADA) has been making waves in the crypto market lately. Despite recent volatility, a surge in whale activity is driving its price up. Santiment recently reported that Cardano’s price has jumped by 107% since whale accumulation began in November 2023. A total of 1.41 billion ADA tokens were scooped up by large holders, signaling strong confidence in the asset’s future. This surge comes even amid short-term market fluctuations, with ADA experiencing a 4.7% dip in the past 24 hours.
Whale Accumulation: The Power Play Behind ADA’s Rise
Whale activity has been key to Cardano’s price action. Large wallets, those holding at least 1 million ADA, have been steadily accumulating tokens. Since November, these whales have added 1.41 billion ADA, which accounts for 2.35% of Cardano’s total supply. Despite the market’s ups and downs, this trend highlights institutional investors’ growing confidence in Cardano. As whales continue to amass ADA, the asset’s market capitalization has risen by 11%, a sign of strength compared to many other cryptocurrencies.
Long-Term Confidence Fuels Cardano’s Growth
While some short-term traders are pulling back, long-term holders are betting big on ADA. According to data from IntoTheBlock, holders who’ve had ADA for over a year have increased their positions by 1.81%. Mid-term holders are also adding to their stacks, with their holdings growing by 7.65%. This shift suggests that more investors are taking a long-term view of Cardano, a stark contrast to the short-term speculation that has dominated other assets. ADA’s 41.7% year-over-year growth reflects this changing sentiment and the market’s belief in its long-term recovery.
The Road Ahead: Can ADA Continue to Break Out?
Crypto analysts are eyeing ADA’s next move. Trader Steve believes ADA could mirror the breakout performance of XRP, with key Fibonacci retracement levels suggesting significant support around $0.61 and $0.78. The potential for ADA to follow in XRP’s footsteps is there, as XRP saw a massive rally in late 2024, breaking resistance levels before reaching a seven-year high above $3.
But ADA has yet to reclaim its December 2024 high of $1.32. If it fails to close above $0.81, ADA could remain in a “boring zone,” according to analyst Yoel Jr. But all hope is not lost—analyst Jonathan Carter has spotted a bull flag formation on the daily chart, which suggests an upward movement might be in the cards. If ADA holds steady and retests the $0.60 level, the next potential targets are $0.845, $1, and $1.325.
Eyes on ADA’s Future
Cardano’s rise isn’t just a fluke—it’s driven by strategic whale accumulation and strong long-term conviction. With key support levels holding and analysts predicting potential upward moves, ADA could be on the brink of another breakout. Keep an eye on how ADA performs over the next few weeks, as whales continue to shape its path.
