Recent data reveals a substantial surge in whale activity on the Cardano (ADA) network. Analyst Ali Martinez reported 687 transactions exceeding $1 million within 24 hours, signaling strong interest from large investors. This influx of capital reflects growing confidence in ADA’s future growth as Cardano price eyes a potential rally to $2.

Concurrently, Charles Hoskinson, the founder of Cardano, reaffirmed the importance of a community-driven ecosystem, stating that the cryptocurrency is approaching a milestone that could make it unstoppable in 2025.

Cardano Whale Transactions Surge as Charles Hoskinson Highlights ADA’s Growth

Analyst Ali Martinez highlighted a sharp rise in ADA whale activity, with 687 transactions exceeding $1 million recorded within 24 hours. This activity marks a significant influx of institutional capital into Cardano. In the preceding 48 hours, whales purchased over 80 million ADA tokens, valued at $85.6 million. 

Source: X

More so, the trend follows consistent accumulation patterns observed earlier in the month. The large investors buying spree reinforces the ADA whales confidence in ADA’s long-term potential. Such large-scale accumulations by whales often signal an upcoming Cardano price rally as buying pressure increases and investor confidence grows.

Additionally, Charles Hoskinson commented on the network’s future, emphasizing that Cardano’s vision is to be governed by its users. He outlined two critical milestones, ratifying the community budget and the constitution. The Cardano founder believes these milestones will establish Cardano as a leading crypto in 2025.

Hoskinson emphasized, 

“We are at a very critical inflection point where that dream is almost a reality. It’s my life’s work to see Cardano grow to this point. In 2025, we will see it through.”

Market Outlook: Can Cardano Price Reach $2?

Following the recent surge in whale activity, Cardano price experienced a modest rise, increasing 3% in 24 hours to $1.09. Trading volume saw a significant spike, rising 81% to $1.66 billion, indicating strong market participation. Cardano’s market cap currently stands at $38.44 billion, reflecting investor confidence amidst ongoing accumulations. Consequently, Cardano price saw a 45% increase over the past month. 

Moreover, the 4-hour Moving Average Convergence Divergence chart analysis indicates a bullish trend. This is evident as the MACD line starts to cross above the signal line, signaling an upward momentum. Additionally, the histogram bars are transitioning from red to green, which reflects strengthening buying pressure.

Analysts project potential ADA prediction targets of $1.46, $1.76, and $2.04 if bullish conditions persist. However, a drop below the $1.00 support level could disrupt this outlook. ADA price targets suggest gains of up to 92% from current levels, with $2.04 identified as a critical resistance point.

The post Can Cardano Price Rally To $2 As ADA Whale Activity Surges? appeared first on CoinGape.

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Filed under: News - @ December 16, 2024 10:20 pm