Recent analysis indicates that major holders of Cardano (ADA) tokens are actively accumulating the asset, which may signal future price growth.
Whale Activity on ADA
On-chain data confirms a surge in whale activity. Wallets holding between 1 million and 10 million ADA have accumulated over 120 million tokens in the last two weeks, worth more than $3.3 billion. This buying pressure has become evident during a consolidation phase of ADA between $0.60 and $0.85, suggesting a potential preparation for a major move.
Technical Signals on Cardano's Chart
Cardano’s chart is showing bullish signals. The asset recently formed its first-ever weekly golden cross, where the 50-week moving average crosses above the 200-week average. This pattern is often seen as a long-term bullish indicator. ADA is testing key resistance at $0.83-$0.85; if it breaks above this zone with sustained volume, analysts believe it could quickly surge toward the $1 mark.
Ecosystem Growth and Institutional Interest
Beyond market actions, the Cardano ecosystem is experiencing significant growth. Upcoming updates like the Chang hard fork are set to enhance decentralization and on-chain utility. Institutional interest is also rising, as demonstrated by Grayscale's fund, which recently allocated nearly 19% to ADA, making it one of the fund's top holdings alongside Ethereum and Solana.
In conclusion, the active purchases by major ADA holders and favorable technical signals provide a solid basis for significant token growth. If accumulation continues and key resistance levels are cleared, the $1 target is becoming increasingly realistic.
