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Cardano Whales Scoop Up 410 Mln ADA – Is a May Breakout Brewing?
Recent market activity has revealed that Cardano (ADA) whales have been accumulating the cryptocurrency, spending a staggering 410 million USD worth of ADA over the past month. This surge in buying activity from these large investors is often seen as a sign of long-term conviction and could potentially be indicative of an upcoming breakout.
To further understand the current market sentiment, it’s essential to examine recent short-term market trends. Despite a 1.69% decline in the last 24 hours, ADA has managed to recover by 7.62% over the past month. This resilience suggests that investors are not deterred and continue to buy into weakness.
The whale accumulation is certainly not the only factor indicating an imminent price surge for ADA. In the derivatives market, it’s clear that long traders are opening new positions at a rapid pace, resulting in a total of $778.99 million in open interest. Additionally, funding rates remain bullish with a value of 0.0084%, further solidifying this notion.
While it is difficult to predict a precise breakout date or timeframe, the current market conditions suggest that ADA’s price could be primed for an explosive increase in the coming days. With whales buying into weakness and traders opening new long positions, all signs point towards a strong possibility of a major uptrend.
Source: https://ambcrypto.com/cardano-whales-scoop-up-410-mln-ada-is-a-may-breakout-brewing/
