Despite the overall decline in the cryptocurrency market, whales continue to actively accumulate Cardano tokens. This article explores recent trends and possible scenarios for ADA.
Whale Accumulation of Cardano Tokens
Whales have been bullish on Cardano, accumulating over 210 million ADA in recent weeks. Analysts reported that in the last two weeks, they purchased 150 million tokens, 100 million of which were bought in just 24 hours. These actions demonstrate strong confidence among investors despite low market demand.
Reasons for Investor Optimism About Cardano
Whales remain optimistic about Cardano’s price rally due to the recent formation of a 'golden cross' on the charts – the first since 2021. This occurred when the 50-week moving average crossed above the 200-week average. Since the confirmation of the golden cross in June, the ADA price has rallied over 80%. Additionally, Grayscale has increased ADA's weighting in its portfolio, further strengthening the token’s outlook.
Current Cardano Prices and Market Trends
At the time of writing, Cardano's price was trading at $0.83, down 4% from its previous price. It has surged more than 30% in the past week. However, a decrease in trading volume and sell-offs in the futures markets indicate potential bearish sentiment among traders. Analysts suggest that if historical patterns repeat, the price could hit $6.
Large investments in Cardano continue despite the negative market backdrop. The future of ADA relies on shifting investor sentiments and the unfolding of events surrounding the token.
