Cardano Whales Snatch Up 420M ADA as Price Could Turn
The cryptocurrency market has sputtered in recent days as momentum has been sparse. The ongoing presence of macroeconomic pressures and global uncertainty has many fearful, but its potential as a haven asset...
The cryptocurrency market has sputtered in recent days as momentum has been sparse. The ongoing presence of macroeconomic pressures and global uncertainty has many fearful, but its potential as a haven asset class has fueled some optimism. Specifically, Cardano has seen whales snatch up 420 million ADA as the price could be poised to turn.
Cardano has long been a crypto with immense potential in regard to its price movement. The network has been thriving, as the wider promotion of the industry as a whole could benefit its standing in the grand scheme. Moreover, its recent accumulation data could be a good sign that the tide is turning for 2025.
Also Read: Eric Trump Says Banks Against Crypto Will ‘Be Extinct in 10 Years’
Cardano Set for Rebound? ADA Whales May Have Charted Its Next Course
There is no denying that 2025 will be a monumental year for cryptocurrencies. Although prices have stagnated this week, the regulatory landscape is shifting. Indeed, the United States has embraced it like never before. Therefore, when the market turns bullish, few industries will see the kind of impact that will propel digital assets forward.
Preparation for that impending market may already be taking place for Cardano, as 420 million ADA was grabbed up by a whale, with the price set to turn upward soon. Indeed, the massive stash of tokens was accumulated throughout April and could be a majorly positive sign for the asset.
Also Read: Cardano (ADA) Short-Term Price Prediction For the Next 5 Days
Specifically, the continued buying assures that investors are positive on the asset despite its price struggles below a critical resistance level. Throughout the month, addresses that hold between 10 million and 100 million in ADA added $289 million worth of the asset. That brings those whales’ collective total holdings beyond the $12.89 billion mark.
Currently, Cardano is trading at the $0.677 mark and has fallen more than 5% over the last 24 hours, according to CoinMarketCap. The asset had fallen after being unable to break through its $0.74 resistance level. Yet, that is still the mark to beat. If traders can push it upward through the ceiling, it could be on pace to barrel toward the $0.8 mark.
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