Cardano's price has recently been influenced by whale activity. Over the past 72 hours, more than 130 million ADA tokens have been purchased, indicating optimistic market expectations.
Whale Purchases and Their Significance
According to analyst Ali Martinez, whales have purchased a significant amount of ADA in the past 72 hours: 30 million in the last 24 hours and 100 million in the preceding 48 hours. This activity typically signals increased faith in the currency's potential growth, possibly triggering a recovery rally.
Technical Analysis of Cardano
On the technical side, Cardano's chart displays a double-bottom breakout pattern with the neckline break at $1.02, indicating potential price continuation. The current price is testing the broken neckline, marking an important resistance zone for upward movement. If Cardano sustains above $1.00, it may reach the highs of $1.13 and $1.20, eventually targeting the 1.618 Fibonacci level at $1.2915.
Role of Whale Activity in Price Changes
Whale activity has been instrumental in ADA's recent bullish sentiment. These large purchases have contributed to the current market optimism, possibly propelling Cardano towards a significant target price of $1.3.
Whale activity continues to be a catalyst for Cardano's growth. Positive technical indicators suggest further strengthening of ADA's position in the market.
