Cardano Whales Feast: 10 Million ADA Accumulated – BlockNews.com

• Cardano (ADA) saw a 2% dip as whales accumulated 10 million ADA, signaling bullish potential.
• Retail traders are taking profits, while whale activity continues to grow, supporting long-term momentum.
• A breakout above $1.40 could push ADA higher, while failing support might lead to retracement.

Cardano (ADA) slipped by 2% on Tuesday as traders cashed in on recent profits. However, the altcoin is seeing a significant uptick in accumulation by large wallet investors, often referred to as whales. This trend is typically viewed as a bullish sign and could pave the way for a recovery.

Whale Accumulation: A Key Bullish Catalyst

On-chain data from Santiment highlights a strong buying spree by whales holding between 1 million and 10 million ADA tokens. Over the past 24 hours, these whales added an impressive 10 million ADA to their holdings.

This kind of accumulation often signals an upcoming price increase, as whales tend to buy heavily when they anticipate gains.

Profit-Taking and Whale Behavior

Another interesting metric, Network Realized Profit/Loss (NPL), revealed a large spike on Tuesday. However, there wasn’t a corresponding increase in whale transactions valued at $100,000 or more. What does this mean? While retail traders appear to be cashing out and realizing profits, whales are steadily accumulating ADA.

In other words, small holders are taking gains, but whale wallets are growing—a dynamic that often supports long-term bullish momentum.

Cardano Gearing Up for a Potential Breakout

According to Ryan Lee, Chief Analyst at Bitget Research, ADA’s price rally has temporarily paused around $1.10. This is likely due to market consolidation after recent gains, coupled with broader market sentiment and the slower pace of growth in Cardano’s ecosystem.

“This pause could set the stage for a bullish breakout if ADA’s price manages to surpass $1.40,” Lee told FXStreet. “On the flip side, failing to hold current support levels might lead to a bearish shift.”

Lee also pointed to three key factors influencing ADA’s trajectory: developments in its DeFi ecosystem, network upgrades, and high-profile partnerships. Additionally, movements in Bitcoin and regulatory changes could play a significant role in shaping ADA’s short-term outlook.

At the time of writing on Tuesday, ADA is trading at $1.0746, down 2%. Whether it’s a breakout or retracement, the coming days will likely set the tone for Cardano’s next big move.

Conclusion

Cardano’s current market activity paints a fascinating picture. While retail traders are locking in profits, whale accumulation suggests confidence in ADA’s future. The pause at $1.10 could either set the stage for a bullish breakout above $1.40 or signal a period of retracement if support levels don’t hold. With ecosystem growth, strategic partnerships, and market sentiment all playing crucial roles, the next moves for ADA could be pivotal. Whether you’re a long-term holder or a short-term trader, keeping an eye on these developments is essential for navigating what lies ahead.