Cardano (ADA) has captured investors’ attention after surging to multi-year highs at $1.15, marking an impressive 245% gain since November 5. This remarkable rally has solidified its position as one of the top-performing altcoins in the current market cycle. As the broader cryptocurrency market undergoes consolidation, Cardano continues to stand out with bullish momentum that could signal further upward movement in the coming days.
Top analyst and investor Ali Martinez recently shared a technical analysis on X, highlighting a significant accumulation of ADA by whales. According to Martinez, large investors have been aggressively buying Cardano, particularly during the weekend’s price dip, a move that underscores growing confidence in the asset’s potential.
The next few days will be critical for ADA as it navigates a consolidating altcoin market poised for its next major move. Investors are closely watching Cardano’s ability to maintain its bullish structure and capitalize on the heightened interest from whales. Should the market turn favorable, ADA could set its sights on new highs, reinforcing its status as a key player in the altcoin space.
With whales accumulating and market conditions aligning, Cardano’s future remains one of the most exciting narratives in the crypto landscape.
Cardano Large Holders Accumulating
Cardano is showing strong signs of bullish momentum as large holders, commonly referred to as whales, increase their buying activity. According to data from blockchain analytics firm Santiment, these whales, defined as entities holding over 100 million ADA, accumulated more than 130 million tokens during the recent price dip.
Top analyst Ali Martinez brought attention to these metrics on X, emphasizing the importance of whale activity in shaping ADA’s market trajectory. Martinez notes that this level of accumulation is a clear signal of confidence from large-scale investors, suggesting that the current rally still has room to grow. Cardano’s price, which recently hit a multi-year high of $1.15, could see continued surges as whales add buying pressure to the market.
Despite the bullish outlook, some analysts believe a retracement below the $1 mark could provide a healthier foundation for ADA’s next major move. Such a pullback would allow the market to consolidate and shake out weaker hands, creating stronger demand zones for the next rally.
With whales leading the charge and metrics indicating rising demand, Cardano’s bullish trend appears well-supported. The coming days will likely determine whether ADA can maintain its upward trajectory or if a temporary correction will pave the way for its next leg up. Investors are closely watching key levels, with optimism that Cardano will continue to outperform as the altcoin market remains in focus.
ADA Testing Liquidity Around $1
Cardano is trading at $0.99, marking a 24% retrace from its recent local highs of $1.15. Despite this dip, the price action suggests ADA is testing a crucial supply zone near the $1 mark, a key psychological and technical level. Reclaiming and holding above this level in the coming days would confirm the continuation of the broader bullish breakout, signaling renewed strength for Cardano.
If ADA successfully maintains support above $1, it could pave the way for a swift move back toward $1.15 and potentially beyond as the bullish trend regains momentum. This level is being closely monitored by traders and investors as a marker of resilience, with further upward price action expected if ADA demonstrates strength.
However, a temporary consolidation below $1 should not be seen as a bearish indicator. Instead, such a move could allow the market to establish stronger demand zones and provide a healthier base for ADA’s next rally. Consolidation phases are often vital in sustaining long-term price trends and shaking out weaker hands.
As the market evaluates these critical levels, ADA’s price trajectory will likely depend on whether it can break and hold above $1 or consolidate before the next major move.
Featured image from Dall-E, chart from TradingView
Source: NewsBTC