Cardano Whales on Buying Spree – What’s Next for ADA?

Cardano (ADA) is drawing attention as it pushes past the $1 threshold, buoyed by significant interest from whale investors.

On-chain data reveals that after a brief dip below $1, over 130 million ADA were scooped up by large holders, signaling confidence in the coin’s potential. This accumulation has driven whale holdings to an impressive 3.2 billion ADA, a move often seen before notable price surges.

#Cardano whales bought over 130 million $ADA during the recent price dip! pic.twitter.com/VHg93o3WP5

— Ali (@ali_charts) November 27, 2024

The recent rally has lifted ADA out of a lengthy consolidation phase, fueled by broader market momentum and speculation that Cardano founder Charles Hoskinson may play a role in shaping crypto-friendly regulations under a future Trump administration. Such developments have helped reinforce optimism around ADA’s long-term prospects.

Looking ahead, technical indicators suggest ADA must clear a descending trendline on its four-hour chart to confirm a trend reversal, according to trading analyst Sssebu. Breaking above the $1 psychological barrier is seen as crucial for reigniting bullish momentum, with the next target set at $1.25. However, key support levels at $0.75 and $0.65 remain critical in case of further corrections.

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Crypto analyst Ali Martinez predicts that ADA breaching the $1 resistance could kick off a substantial rally, with a potential peak of $6 by September 2025. Meanwhile, the Cardano network continues to advance its ecosystem, recently celebrating the deployment of its first zero-knowledge (ZK) smart contract on the mainnet. Using Halo 2 technology, the milestone transaction validated funds in a secure and private manner, paving the way for further innovations in scalability and privacy on the blockchain.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.