Cardano Whales Are Accumulating
If you’ve been keeping an eye on Cardano (ADA) lately, you might have noticed its recent rally. Part of the reason behind this resurgence is that ADA whales and investors accumulated 1.89 billion ADA during October. This translates to over $600 million invested in ADA tokens, according to blockchain analytics platform IntoTheBlock.
The decision by these big holders seems to be paying off, as most of the accumulation took place within a price range of $0.249 and $0.271. This suggests that they might be in it for the long term rather than moving to realize their profits immediately, which could sustain a price rally to $0.40.
Back in August, Santiment reported that whales and sharks holding between 100,000 and 10 million ADA tokens had accumulated $116.1 million in ADA since May 21st.
Can ADA Hit $0.4?
It remains to be seen whether this accumulation phase could trigger a run to $0.40. However, if these whales dump their tokens to realize profits, it would significantly affect Cardano’s resurgence.
Dan Gambardello, the founder of Crypto Capital Venture, suggested that Cardano’s current run could see it peak at $0.40 before a possible retracement back down to around $0.29 and $0.30 based on the moving average structure. Another crypto analyst, Ali Martinez, also echoed this prediction.
Hot Take
Cardano (ADA) has seen a recent surge driven by significant accumulation by large investors. The question now is whether this will propel the token to reach the coveted $0.40 mark or if we can expect a price correction based on technical analysis from experts and data from CoinMarketCap.
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