Cardano (ADA) is one of the tokens currently in the spotlight as many projects are doing well in the ‘Atcoin season’ Bitcoin’s dominance is cooling. The token has been on the rise in recent days and one of the reasons for this resurgence has been revealed.
Cardano whales are piling up
In a after On their accumulated 1.89 billion ADA during that period. This means that more than 600 million dollars have been invested in it ADA tokens.
The decision on this one is interesting large holders It already seems to be paying off as most of this accumulation would have occurred between the $0.249 and $0.271 price range. This large holders could accumulate over the long term instead of realizing their gains as quickly as possible, and these could support a price increase to $0.4.
In August, market intelligence platform Santiment highlighted that Cardano saw this highest level of accumulation dating back to September 2022, as “whales and sharks” holding between 100,000 and 10 million ADA tokens had collected $116.1 million in ADA as of May 21.
However, sentiment towards Cardano seemed to turn bearish in September facts van Santiment revealed that these Cardano whales had sold or redistributed approximately 1.02 billion ADA during a certain period of the month.
Can ADA reach $0.4?
It remains to be seen whether this accumulation phase could trigger a run towards $0.40. However, there is no doubt that these whales are dumping their tokens in an attempt to make a profit have a significant impact on Cardano’s revival.
Dan Gambardello, the founder of Crypto Capital Venture, had mentioned while a technical analysis was given that Cardano’s current run could see a peak at $0.40, while almost ruling out the possibility of the token hitting the market. Price target of € 0.45 before a retracement occurs.
Speaking of a possible retracement, Gambardello stated that ADA could drop to around $0.29 and $0.30 based on the moving average structure.
Another crypto analyst, Ali Martinezalso repeated this prediction as he mentioned in a X message that the TD Sequential presents a sell signal on the ADA daily chart with a possible correction towards the $0.30 support level.
At the time of writing, ADA is trading around $0.35, up over 1% facts from CoinMarketCap.
ADA price sitting above $0.35 | Source: ADAUSD on Tradingview.com
Featured image of Bolsamania, chart from Tradingview.com
