Cardano Whales Holding $10M ADA See 420% Growth – Is it Time to Buy?
Cardano (ADA) has been on a wild ride lately, grabbing the attention of crypto enthusiasts, including whales and traders. With a significant uptrend in recent days, it seems like the market sentiment is all aboard the ADA train, poised for more growth.
What’s driving this momentum? Well, it looks like positive market sentiment, increased participation from traders and investors, and some favorable price action patterns are all fueling ADA’s upward movement.
Data from on-chain analytics firms like Coinglass and IntoTheBlock are showing that whales and traders are playing a big role in ADA’s recent surge. In fact, ADA whales holding $10 million in tokens have increased their positions by a whopping 419.68%, with a 267% jump in just the past week. This kind of activity could signal more gains on the horizon, making it a potentially good time to consider buying in.
On top of that, ADA’s Open Interest (OI) has shot up by 9.8% to $930 million, indicating that traders are actively taking advantage of the current market conditions. This surge in open positions could mean even more upside potential for ADA.
In terms of technical analysis, ADA recently broke through a strong resistance level at $1 and has been trading in a tight range between $1.02 and $1.10 since then. Historically, when ADA breaks out of these consolidation phases, it tends to see significant rallies. If ADA can break above $1.14 and close a four-hour candle there, experts believe it could surge by 30% to hit $1.50 in the near future.
As of now, ADA is trading around $1.06, with a 9.5% gain in the past 24 hours and a 30% spike in trading volume. This uptick in activity suggests increased interest from traders and investors, setting the stage for potential further growth.
Overall, it seems like ADA has some solid momentum behind it, with plenty of factors pointing towards more gains in the days to come. It’s definitely a coin to keep an eye on as it continues to make waves in the crypto world.
