Are Whales Driving Cardano’s (ADA) Price Surge?

• Whales purchased 20M ADA in the last 48 hours, signalling strong demand.
• CIP-1694 marks a major step toward decentralised governance for Cardano.

Cardano Whales have accumulated over 20 million ADA in the past 48 hours, signalling strong interest from large investors. As of now, Cardano trades at $0.897, up 2.78% in the past 24 hours. Its market cap is $31.51 billion, with a circulating supply of 35.13 billion ADA. The 24-hour trading volume surged by 19.82%, reaching $526.83 million, bringing the market-cap ratio to 1.62%.

Cardano (ADA) continues its push towards decentralised governance with the recent CIP-1694 proposal. The successful mainnet hard fork marks a significant milestone for the platform. This development strengthens Cardano’s vision of full community-driven governance.

Bullish Indicators for Cardano 

Technical indicators suggest a bullish outlook for ADA. The 4-hour RSI is at 52.90, indicating slight upward momentum. The RSI average is below the current RSI, further supporting bullish sentiment. If the RSI breaks above 60, stronger momentum is expected.

Moving averages reflect mixed signals. The 20-period moving average (MA) is below the price, acting as immediate support. Meanwhile, the 50-period MA is closer to the current price. A crossover above the 50-period MA could trigger additional buying pressure. On the downside, immediate support lies at $0.880. If breached, the price may retest $0.860. Resistance at $0.900 remains key. Breaking this level could propel ADA toward $0.920 or higher.

The Chaikin Money Flow (CMF) stands at 0.04, signalling positive capital inflows. This indicates increasing investor interest and potential price growth. Consistent inflows may drive ADA above current resistance levels.

Cardano’s progress with CIP-1694 aligns with its growing adoption. The rise in whale activity, trading activity, and strengthening technical indicators reflect optimism among investors. If bullish trends persist, ADA could see further price gains.

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