The Cardano price just broke above the $1 resistance level after pumping 8% in the last 24 hours. This marks the first time in over a week that ADA is trading above this psychological level.
This ADA price recovery aligns with recent observations from crypto analyst Ali Martinez, who shared compelling data about whale activity on X.
According to Martinez’s analysis, large Cardano holders have been particularly active lately, with whales scooping up 100 million ADA tokens in just 48 hours. The data shows a significant spike in holdings from wallets containing between 100 million and 1 billion ADA coins, suggesting strategic accumulation following the recent market dip.
/htmlWhales have bought 100 million #Cardano $ADA over the past 48 hours! pic.twitter.com/5ccxVoiljo
— Ali (@ali_charts) January 15, 2025
The timing of these large purchases is particularly interesting, as they coincided with ADA’s price stabilization period between January 11th and January 14th, 2025. After experiencing a notable decline around January 8th, the price found support near $0.9 level, where these heavyweight investors apparently saw an opportunity to increase their positions. During the market crash, Cardano whales were actually offloading ADA, but looks like the table has turned rather quickly.
The pattern of whale accumulation during price dips often draws attention from market participants, as it can indicate long-term confidence in an asset’s value proposition. However, it’s worth noting that large holders may also accumulate for various strategic purposes, including shorter-term trading opportunities.
All in all, the recent accumulation pattern seen on the ADA charts suggests these large holders have been systematically increasing their positions, showing particular interest during periods of price weakness. This behavior, combined with the recent break above the $1 mark, indicates a possible shift in market sentiment for Cardano holders.
Read also: Crypto Analyst Predicts ‘Massive’ Cardano (ADA) Price Comeback – Here’s When
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