Cardano News: Whales Buy 150M ADA in 14 Days - The Market Periodical
Key Insights: Cardano news: Cardano saw increased whale accumulation in August, per onchain trends. Analysts are optimistic that ADA could hit $10 if the price confirms the $1.16 support. Crypto enthusiasts...
Key Insights:
- Cardano news: Cardano saw increased whale accumulation in August, per onchain trends.
- Analysts are optimistic that ADA could hit $10 if the price confirms the $1.16 support.
- Crypto enthusiasts suggest that Cardano’s technology mirrors Switzerland’s success.
Cardano news is in the headlines amid increased ADA whale activity seen in the past 14 days.
According to onchain analyst Ali Martinez, whales have accumulated 150 million ADA in just two weeks.
The increased whale activity signaled potential bullish sentiment in ADA amid bullish projections.
Cardano News: ADA Whale Accumulation Spree
Ali Martinez shared the news of the 150 million ADA accumulation in an X post. At the current market price, the 150 million ADA coins are valued at approximately $126 million.
The accumulation appears bullish, especially as the crypto market experiences mixed price action. Whales, or large holders, are often known to accumulate during periods of decline or consolidation.
They expect the price to climb once market momentum resumes, thus featuring well in Cardano news. The goal is to sell digital assets at a higher price than the costs they bought them to maximize their profits.
Meanwhile, the latest ADA whale accumulation is just one among others seen so far this year.
Following a price breakout in late June, large investors acquired 120 million ADA coins, worth about $72 million.
This purchase comes shortly after whales sold more than 180 million ADA coins between April 13 and April 18.
During this period, wallets holding between 100 million and 1 billion ADA decreased their holdings from around 3.4 billion to 3.22 billion.
The drop coincided with a drop in ADA price from almost $0.66 to $0.615 at the time. Currently, ADA price is experiencing volatility, alongside the broader crypto market.
According to CoinMarketCap data, ADA price has dropped 3.5% over the past 24 hours to $0.8387. ADA is also down 11.1% and 3% on the weekly and monthly charts.
Cardano Price Forecast
Despite the declining ADA prices, analysts are optimistic about a bullish rebound. Traders, including analyst Crypto Patel on X, have set a $10 price target for ADA.
In an X post, Crypto Patel posted an ADA chart that showed possible key support and resistance levels. The analyst noted that if $1.16 becomes a firm support, it could act as a base for future price increases.
He foresees ADA price climbing to $2.68, $5, and eventually $10 if the $1.16 support is confirmed.
Note that the move to $10 would represent an increase of about 1,150% from $0.82. Crypto Patel views this percentage increase and the multi-year trendline support as a legendary setup for ADA.
The analyst, therefore, urged investors to remain patient while managing their risk.
Cardano News: Validation for the Cardano Tech
Meanwhile, the buying spree by whales comes amid recent validation for the Cardano blockchain technology.
In another Cardano news streak, X user LaPetite compared Cardano to Switzerland, highlighting their shared strengths despite perceived limitations.
According to her, Cardano critics argue that blockchain is “too small” and lacks major users or visible dominance.
She emphasized that Switzerland has also faced the same doubts, with criticism that it is a small country with very few natural resources.
Despite the criticism, LaPetite noted that Switzerland has become home to some of the most successful companies in the world.
She added that the country has one of the highest GDP per capita. These achievements prove that size and resources are not the only paths to success.
LaPetite argued that, like Switzerland, Cardano focuses on strong foundations, quality, reliability, and decentralization rather than competing on scale.
She further pointed out that Cardano’s new on-chain governance empowers the community to make decisions, similar to Switzerland’s democratic system.
Due to its unique qualities, LaPetite foresees Cardano gaining recognition among presidents and world leaders.
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