- Cardano price will rise to $0.50 if it breaks the $0.44 resistance level.
- Increased whale activity and positive active addresses and circulations indicate bullish momentum.
Cardanos [ADA] the price consolidates into a pennant pattern. The pennant support level has been tested repeatedly, with the most recent being a key point at $0.4394.
If the price builds enough momentum to break the USD 0.4671 resistance level, it could rise 7.55% to USD 0.50.
Cardano was valued at 0.4634 CoinMarketCap at the time of printing, an increase of 1.16% in the last 24 hours and 3.19% in the last seven days.
Source: Tradingview
Larger flaps by Cardano whales
According to AMBCrypto’s analysis of Santiment data, there has been a significant increase in whale activity, evidenced by the increased frequency of whale peaks.
This suggests that large holders are accumulating Cardano at an unprecedented rate. The increase in interest among the major players could indicate a bullish rally.
Source: Santiment
How increasing activity and circulation can fuel Cardano
The active addresses and circulation data on Santiment show an upward trend, indicating increased activity, adoption and demand for ADA.
This could trigger a positive moment, allowing the price to break through the resistance and even reach $0.50.
The last time the price had an equal number of addresses and trends was on May 21, when the price rose by 7.55%.
If the same peak occurs, the price will rise to $0.50.
Source: Santiment
What next for Cardano?
Based on whale activity and technical analysis, the ADA is expected to increase in the near future.
The recent spike in active addresses and circulation trends could indicate increased institutional interest and capital inflows into the Cardano ecosystem.
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If the price manages to break the USD 0.4671 resistance level, it could pave the way for additional upside momentum, pushing prices closer to USD 0.50.
However, if the price falls below the support levels, a reversal or consolidation period is likely.