The post Whales accumulate ADA, but Cardano’s rally remains uncertain appeared on BitcoinEthereumNews.com.

Whales have been accumulating ADA, purchasing significant amounts over the past 24 hours. Derivative traders could drive the next phase of ADA’s movement, as bullish sentiment dominated this group. ADA slipped 2.84% in the last 24 hours despite positive sentiment. Still, the asset holds onto a 4.59% weekly gain and an impressive 47.55% increase over the past month. The combination of rising investor activity and a shrinking supply of ADA on exchanges could set the stage for a price reversal, pushing the asset to higher levels. Whales buy ADA in bulk According to crypto analyst Ali Chart, citing data from Santiment, there has been significant buying activity from ADA whales—large investors capable of influencing market movements. These whales control over 1% of ADA’s circulating supply. In the past 24 hours, whales conducted 687 transactions involving over $1 million worth of ADA. This spike in activity suggests increased accumulation by major holders, a positive indicator for the asset’s outlook. Source: X To verify this trend, AMBCrypto examined additional market metrics to determine whether this accumulation aligns with broader bullish signals for ADA. Balance between bulls and bears AMBCrypto has confirmed a significant surge in buying activity across various trader cohorts, categorized by their holdings. Over the past 30 days, addresses holding between $1 million and $10 million worth of ADA have increased by 67.29%, marking the most notable rise compared to other addresses. This further validates the heightened buying activity from whales in the market. Source: IntoTheBlock Despite this uptick, the market currently reflects a balance between bulls and bears, leaving ADA in a state of equilibrium. Data from IntoTheBlock highlights an equal distribution of activity among major traders, with 95 bulls and 95 bears among the top 1% of participants. This balance indicates a lack of decisive momentum, suggesting the…

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Filed under: News - @ December 17, 2024 11:28 pm