Cardano Whales Snap Up Over $100 Million Worth of ADA in A Day Amid Market Lull

Following an impressive price surge over the past month, Cardano whales have strategically accumulated significant amounts of ADA.

Over the past 24 hours, high-net-worth investors have deployed approximately $100 million to purchase ADA, suggesting a potentially bullish sentiment beneath current market conditions.

Popular crypto analyst Ali Martinez highlighted this trend on Thursday, citing data from Santiment. Notably, these whales, holding over 100 million ADA, have now collectively expanded their holdings to a staggering 3.27 billion coins.

The latest accumulation aligns with a broader trend observed in recent weeks. Over the past seven days, Cardano whales have poured nearly $300 million into ADA, capitalizing on market dips to solidify their positions. This pattern has been evident throughout the past month, with whales strategically buying during consolidations and taking profits during price surges.

Interestingly, this whale activity contrasts sharply with retail behavior. Smaller investors, particularly those holding between $10,000 and $100,000 worth of ADA, have recently reduced their exposure. This divergence underscores the confidence of larger investors in Cardano’s potential, even as smaller holders take a more cautious approach.

That said, this buying spree comes as ADA consolidates after a month-long rally, during which its price surged by an impressive 260% in just three weeks. The cryptocurrency climbed from lows around $0.50 to a peak of $1.32 on Tuesday. Despite this significant rebound, ADA remains well below its all-time high of $3.16, indicating substantial potential for further growth.

That said, analysts see the recent accumulation as a strong bullish indicator. Popular crypto analyst Lark Davis recently outlined key resistance levels at $1.20 and $1.60, emphasizing that breaking through these thresholds could pave the way for significant price growth. The pundit further pointed to longer-term Fibonacci-based projections, suggesting ADA could reach $4.80, $7.70, or even $10 in this market cycle. Notably, hitting the $10 milestone would position ADA with a market capitalization of approximately $370 billion, equating to a 4% dominance of the total cryptocurrency market.

In a Thursday tweet, Martinez highlighted the formation of an ascending triangle on ADA’s price chart, a classic indicator of an impending breakout. The pundit projected a short-term target of $1.50 for ADA in the coming weeks.

Mid-last month, the analyst predicted that ADA could climb as high as $6 by July 2025, suggesting the possibility of a repeat of the explosive growth that saw ADA climb significantly during the 2020-2021 bull market.

ADA was trading at $1.16 at press time, reflecting a 14.32% surge over the past 24 hours.