Cardano (ADA) Whale Activity Jumps 145% As Price Eyes $6
The post Cardano (ADA) Whale Activity Jumps 145% As Price Eyes $6 appeared on BitcoinEthereumNews.com.
The Cardano (ADA) price has been outperforming the rest of the crypto market today with more than 12% gains while extending the rally to $0.83. This comes amid a staggering 145% surge in the Cardano whale accumulation over the past month. Over the last week, ADA has gained nearly 54% being among the top-performing altcoins, with investors soon eyeing a rally to the crucial milestone of $1.0. Crypto analyst Ali Martinez has also predicted that ADA price could reach $6 in this market cycle. Cardano (ADA) Whale Accumulation Triggers Price Rally? Crypto analyst Ali Martinez pointed out a significant surge in the Cardano whale activity and accumulation. This shows growing confidence in Cardano’s native token ADA. According to Martinez, wallets holding over $10 million worth of ADA have increased their positions by an impressive 145.72% over the past month. Courtesy: Ali Charts Furthermore, the Cardano blockchain has also witnessed a healthy uptick in decentralized finance (DeFi) activity on the network. Cardano’s Total Value Locked (TVL) has surged to $479.8 million, approaching its all-time high as the blockchain continues to gain traction, as per the data from DeFiLlama. This growth comes amid ADA’s rising price and increased activity across decentralized exchanges (DEXes), lending platforms, and other protocols within the Cardano ecosystem. The momentum underscores the expanding utility and adoption of Cardano’s DeFi infrastructure. This surge in the DeFi activity along with bullish Cardano on-chain metrics shows that the ADA price rally can continue further from here. Is ADA Preparing for a Mega Rally to $6? Blockchain analytics platform Santiment reported that ADA is already decoupling from the altcoin pack with the price approaching an 8-month high. The ADA-to-Bitcoin price ratio is also nearing an 8-month peak, reflecting growing strength against the leading cryptocurrency. Santiment noted that current ADA transaction and whale…
Filed under: News - @ November 21, 2024 12:26 am