Santiment reported that Cardano’s price surged 107% since whales started accumulating in November 2023. These large holders have added 1.41 billion ADA, which accounts for 2.35% of the total supply. This steady accumulation reflects growing confidence among institutional investors and whales.
Short-Term Volatility Amid Long-Term Gains
ADA has dropped 4.7% in the past 24 hours, trading at $0.7780. Prices ranged between $0.7562 and $0.815, highlighting short-term volatility. Despite this dip, ADA has gained 41.7% over the past year, indicating a steady recovery.
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While many cryptocurrencies faced pullbacks, Cardano’s market capitalization increased by 11%. Data from IntoTheBlock reveals changing market trends. Long-term holders, those holding for over a year, increased their positions by 1.81%, signaling strong confidence.
Mid-term holders expanded their holdings by 7.65%, while short-term traders reduced their positions by 11.75%. This shift suggests growing interest in long-term investments rather than short-term speculation.
Analysts Predict ADA’s Future Moves
Crypto analyst Trader Steve noted that ADA could follow XRP’s recent price trend. He pointed out key Fibonacci retracement levels, with strong support at the 61.8% and 78.6% ranges. If ADA mirrors XRP’s late 2024 rally, it could break resistance levels and target higher prices.
Related article: Cardano (ADA) Defies Crypto Slump with 11% Weekly Gain – Can It Hit $1 Soon?
ADA has yet to reclaim its December 2024 high of $1.32. Analyst Yoel Jr. stressed that ADA must close above $0.81 to confirm a bullish trend. If not, it may remain in what he calls the “boring zone.”
Meanwhile, Jonathan Carter identified a bull flag formation on the daily chart, hinting at potential gains. He suggested that a retest near $0.60 could attract buyers, with possible targets at $0.845, $1, and $1.325.
