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Over 120 Million Cardano (ADA) in Two Weeks. Here’s What Happened
A recent tweet by prominent crypto analyst Ali has sent shockwaves throughout the cryptocurrency market, as it reveals that whales have collectively acquired over 120 million Cardano (ADA) in just two weeks. This astonishing development signals a significant shift in investor sentiment and raises questions about the potential implications for ADA’s price action.
According to Ali’s analysis, this sudden influx of whale activity suggests that these large-scale investors are not only accumulating but also actively consolidating their positions despite current price consolidation. Such strategic positioning typically indicates growing confidence in ADA’s long-term value proposition, as whales are known to accumulate when they anticipate future price appreciation.
The data supports Ali’s findings, with on-chain analytics platforms such as IntoTheBlock confirming the sudden increase in ADA holdings among wallet addresses holding between 1 million and 10 million units of the cryptocurrency. Moreover, this accumulation is accompanied by a marked decline in ADA being held on exchanges, signifying that whales are moving their tokens into long-term cold storage – a clear bullish signal.
From a technical standpoint, ADA’s current trading range between $0.66 and $0.74 holds significant importance. The critical resistance level of $0.70 has capped recent rally attempts, making it an essential area to monitor closely. A decisive break above this threshold could unlock the door for a potential move toward $0.83 or even $0.91, levels that align with historical Fibonacci retracement targets.
Furthermore, the Relative Strength Index (RSI) remains neutral but exhibits bullish divergence on lower timeframes, while rising volume and positive funding rates suggest growing market interest in ADA.
As the crypto market continues to evolve, it is essential for investors to keep a close eye on whether ADA can hold above $0.70 and if whale activity sustains this level of enthusiasm. If both conditions are met, Cardano may be entering a new phase of its market cycle characterized by institutional accumulation and broader price expansion.
It is imperative that readers conduct thorough research before making any investment decisions. The views expressed in this article do not necessarily reflect the opinions of Times Tabloid.
Source: timestabloid.com
