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