Cardano (ADA) has reclaimed the $1 price mark and pushed beyond amid renewed investor interest in cryptocurrency. Cardano’s whales are taking it a notch higher as large holders have embarked on a rare buying spree.
Whale activity signals bullish ADA sentiment
According to Ali Martinez, an on-chain analyst on X, Cardano whales have, in the last 24 hours, collectively bought up 30 million ADA. This suggests substantial investment and confidence in ADA's potential or future price trajectory.
Notably, such large-scale purchases by whales signal bullish sentiment on the market. Market observers have noticed that whales usually invest in such large volumes when they anticipate a potential surge in the value of an asset. Cardano's value has responded to investors' soaring interest in this case.
The increased purchase activity from large holders of Cardano could create positive momentum among market participants. This could attract other investors and potentially drive up the price of ADA.
As of this writing, ADA prices have changed hands at $1.05, a 5.64% increase in the last 24 hours. The trading volume has risen by 24.46% to $1.95 billion as other investors seek to acquire the asset in anticipation of further price growth.
Technical indicators favor further growth
With Cardano having successfully breached the psychological $1 level, investors’ concerns have shifted to stability above this critical resistance zone.
Analysts studied the daily SMA 50 chart of ADA. They believe the only way the asset would not experience a slip too soon is for retail investors to complement ongoing whale acquisitions.
If market participants sustain the current momentum, the ADA price could target $1.32 as it pushes toward the $2 range.
Cardano’s RSI levels also favor the asset's climb as it shows the coin has not been overbought yet. Thus, community support could help ADA remain in the top 10 crypto assets, having outperformed its top 10 peers in the short term.
