Cardano Whales with $10M ADA growth positions by 420%
Cardano (ADA) has performed wildly in the past few days and has received special attention from crypto enthusiasts, including whales and traders. In addition to a significant upside rally over the past few days, market sentiment suggests that this rally is set to continue as Cardano's ADA has room to grow.
Whalers and traders drive the momentum of the ADA
This strong bullish attitude towards ADA is likely to be driven by positive market sentiment, significant participation by traders and investors, and a favorable price action pattern.
Recent data from on-chain Coinglass and IntoTheBlock report high participation from traders and whales.
The latest stock of Cardano Whales
According to data from IntoTheBlock, Cardano whales holding $10 million worth of ADA tokens have increased their position by 419.68%, up from 267% last week. This significant participation indicates a possible rally in the coming days and provides a perfect buying opportunity.
Increasing open demand
Meanwhile, ADA's open interest (OI) rose 9.8% to $930 million, showing how traders are taking advantage of the current price action and market conditions, resulting in an increase in 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, it has been consolidating in a tight range between $1.02 and $1.10. Recent price action indicates that ADA tends to rally sharply when it consolidates and then exits.
Based on historical price action, if ADA breaks out of this consolidation zone and closes the four-hour candle above $1.14, there is a good chance of a 30% rally to the $1.50 level in the near term. This time, however, experts expect a similar rally in the coming days.
Current price momentum
At press time, ADA is trading at around $1.06, up more than 9.5% in the last 24 hours. During the same period, the trading volume increased by 30 percent, which shows that the participation of traders and investors is higher compared to the previous day.
