Cardano Whales Move 19.5 Billion ADA, What’s Next?
Amidst this confusing market sentiment, Cardano's ( ADA ) whales' activity over the past 24 hours has created optimism among investors and traders, indicating that something significant is unfolding. According to on-chain analytics firm IntoTheBlock, Cardano Whales moved a significant 19.5 billion ADA tokens last day, worth $6.48 billion.
The movement of the whale on the rise
Additionally, large transactions (transactions over $100,000) increased by 10% in the last 24 hours. According to the data, these whales made more than 3,100 transactions during the same period, with a weekly high of 3,300.
This large increase in trading volume during the signal day is comparatively higher than Ethereum, which has been struggling at the $0.33 support level since July 2024, indicating that the whales may be in the mood to hit ADA.
Current price momentum
Following the whales' move, ADA experienced a 4.35 percent price jump. However, at press time, it is trading around $0.333 and is currently up 1.25% in the last 24 hours. During the same period, trading volume fell by 11 percent, indicating lower participation by traders amid market uncertainty.
Cardano (ADA) technical analysis and upcoming level
Despite the bullish activity of the whales, according to expert technical, the ADA still seems to be in the doldrums. It has been in a downtrend since April 2024 as the daily time frame has been trading below the 200 moving average (EMA). The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Based on ADA's price momentum, if it closes the weekly candle above the $0.35 level, there is a high chance of a 30% rally to the $0.45 level, the next level of resistance.
Bullish on-chain parameters
However, the measurements on the chain support the whales' aggressiveness. Currently, Coinglass ADA's long/short ratio stands at 1.02, indicating strong market sentiment among traders. In addition, ADA futures open interest also increased by 2.7% in the last 24 hours, indicating a growing interest among traders in the fight.
