Cardano Price Witnesses Bullish Resurgence With 26% Rally — Here’s The Likely Catalyst

Opeyemi Sule

9 months ago

3 mins read

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The Cardano price has been in red-hot form over the past few days, making a highly anticipated return to above $1 on Friday. This recent bullish momentum made ADA the best-performing asset among the top 10 largest cryptocurrencies in the past week.

While this burst of positive price action could be linked to the improving climate of the altcoin market, it appears that the increased activity of large holders (whales) is responsible for the latest price surge. Here’s how much the ADA whales bought in recent days.

Cardano Whales Purchase 40 Million ADA In 2 Days

Prominent crypto analyst Ali Martinez revealed in a new post on the X platform that the Cardano whales have become increasingly active in the market over the last few days. This on-chain observation is based on the increase in the holdings of investors who own between 10 million and 100 million coins.

The investor cohort under review is a class of whales, which refers to entities that wield significant influence over the market due to the amount of cryptocurrencies they own. Many investors pay attention to this class of large holders, as the market often reacts to their movement.

According to data from Santiment, Cardano whales acquired more than 40 million ADA tokens (worth about $42.8 million at the current market value) in 48 hours. This level of buying activity highlights the strong faith in the asset’s promise despite the sluggish market climate.

As seen with the price action over the past few days, increased whale activity can have a positive impact on the price of Cardano. Hence, sustained buying activity could see the altcoin’s price to its highs of early December 2024.

What Next For Cardano Price?

As of this writing, the Cardano price sits just above the $1 mark, reflecting a nearly 2% decline in the past 24 hours. However, this negative performance has barely impacted the altcoin’s weekly gain, which currently stands at around 26%.

In another post on X, Martinez revealed that the Cardano price is playing out like it did in the previous cycle. During the last bull cycle, the ADA token grew exponentially in less than a year, reaching the current all-time high price of $3.09.

The analyst believes that if the altcoin follows the recent historical pattern, a move to $4 could be imminent. However, from the highlighted chart, the Cardano price might travel as high as $6 before hitting a major roadblock.

Featured image from Solodev, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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