Cardano Whales Go Shopping—Is a Price Surge Next?
Big-money players are loading up on ADA as Cardano shows signs of life. After months of sideways action, the ’Ethereum killer’ might finally be waking up.
Whale wallets holding 1M+ ADA tokens hit a 6-month high this week—just as the price bounced off key support levels. Classic accumulation pattern or another false dawn for the perpetually ’undervalued’ project? Traders are split.
Technical indicators flash bullish: RSI broke out of its downtrend, and the MACD just crossed positive for the first time since January. Of course, the same signals appeared before March’s 20% faceplant—because in crypto, TA is just astrology for MBAs.
With Vasil hard fork upgrades now fully baked in, the chain’s got the specs. Now it needs the specs to actually matter outside developer Telegram groups. Next resistance at $0.45 could make or break the thesis.
Cardano whale action | Source: Santiment
Retail and whale demand is also visible in staking data. According to StakingRewardsinvestors have added 307 million ADA tokens worth $215 million in the last 30 days.
There are three main potential reasons for this accumulation. First, market participants expect that Bitcoin (BTC) price will keep rising, with Standard Chartered seeing it hitting $200,000 in Q4. A strong Bitcoin surge often leads to more altcoin gains.
Second, there are signs that the SEC, under Paul Atkins, will approve spot Cardano ETF, a move that may lead to more institutional demand. This demand will be much higher if the SEC allows these ETFs to offer staking features.
Third, there are hopes that Cardano’s integration with Bitcoin will help to supercharge its assets in the decentralized finance industry. This integration will help Bitcoin holders to generate a monthly return.
Cardano price technical analysis
The daily chart shows that ADA price has held steady at a crucial resistance level in the past few days. It is consolidating at the 50-day and 100-day Exponential Moving Averages (EMA).
The coin is also hovering slightly below the upper side of the falling wedge chart pattern. A wedge happens when there are two descending and converging trendlines. It often leads to a strong bullish breakout over time.
Such a move would push Cardano price to $1.176, the neckline of the double-bottom pattern at $0.513. A double bottom is also one of the top bullish signs in the market.
