Cardano (ADA) has made a wild move in recent days, gaining notable attention from crypto enthusiasts including whales and traders. In addition to a significant upward rally in recent days, market sentiment suggests this rally will continue as Cardano’s ADA has room to rise.
Whales and traders are driving ADA’s momentum
This strong bullish outlook for ADA is likely driven by positive market sentiment, significant trader and investor participation, and a favorable price action pattern.
Recent data from on-chain analytics firms Coinglass and IntoTheBlock report significant participation from traders and whales.
Recent accumulation of Cardano whales
According to data from InHetBlokCardano whales who hold $10 million worth of ADA tokens have increased their holdings by 419.68%, with a rise of 267% in the past week. This notable participation signals a potential upside rally in the coming days and presents a perfect buying opportunity.
Increasing open interest
Meanwhile, ADA’s Open Interest (OI) increased 9.8% to $930 million, highlighting how traders are taking advantage of the current price action and market conditions, resulting in an increase in the number of open positions.
Cardano (ADA) Technical Analysis and Upcoming Levels
According to expert technical analysis, ADA recently broke out of a strong resistance level at $1. Since then, the price has been consolidating within a narrow range between $1.02 and $1.10. The recent price action suggests that when ADA consolidates and then breaks out, the price tends to rise significantly.
Based on the historical price momentum, there is a high probability that the price will rise by 30% to reach the $1.50 level in the near future if ADA breaks out of this consolidation zone and closes a four-hour candle above $1.14. This time, however, experts expect a similar rally in the coming days.
Current price momentum
At the time of writing, ADA is trading around $1.06 and has registered a price gain of over 9.5% in the last 24 hours. During the same period, trading volume increased by 30%, indicating greater participation from traders and investors compared to the day before.