Recent data indicates that large holders of Cardano are actively purchasing ADA tokens, citing potential price growth ahead.
Whale Accumulation and ADA Price Action
According to analyst Ali Martinez, in just the last 48 hours, wallets holding between 100 million and 1 billion ADA acquired over 200 million tokens. This is occurring alongside a price rise, as ADA climbed from around $0.74 to $0.82 before adjusting back to about $0.79.
Comparison with Previous Price Cycle
In another post, Martinez drew a comparison between ADA’s current chart and its previous cycle. He noted that the current chart resembles the price structure from 2020, although the rise is unfolding more slowly. ADA has already cleared the 0.382 Fibonacci level and is now testing the 0.5 level near $0.85.
Future Prospects for ADA and the Market
Currently, ADA is nearing key resistance levels, and the active buying from large holders may herald significant changes. A daily close above $0.85 would be a strong signal for a push towards $1.15 in the coming weeks.
The accumulation of ADA by large holders and the current price dynamics suggest a potential growth of this cryptocurrency in the near future.
