Cardano price has taken a hit in recent days but analysts are confident of a fresh rally for the asset. A massive whale accumulation by Cardano (ADA) whales is fuelling speculation for a price spike amid rising network activity.
Whales Can Send Cardano Price Across The $1 Mark
According to an X post by on-chain analyst Ali Martinez, Cardano whales have gobbled up 130 million ADA in the last three days. The total value of ADA accumulated by the whales stands at $97.5 million with retail traders contributing their fair share.
Pundits say the recent accumulation spree is an indicator for a potential rally for Cardano price. There is significant optimism that ADA can cross the $1 mark after prices fell to $0.70.
Prior to the decline to $0.70, Cardano’s price traded as high as $1.13 over a 30-day period. Now, rising whale activity is stoking belief for ADA to reclaim its previous highs but several hurdles stand in the way.
For starters, the network’s unique wallets trading (UWT) indicator has reached all-time lows. However, analysts say the dip in unique wallets is “the calm before the storm” before the start of a rally.
“Usually when the number of UWT dips below 1.5k per day, it doesn’t take long until something happens,” said one analyst.
ADA’s Ecosystem Continues To Buzz Despite Price Decline.
At the moment, ADA price is floating around the $0.7 mark but the ecosystem is alive with activity. Still reeling from the highs of its inclusion in the Crypto Strategic Reserve, institutional interest is climbing.
Furthermore, speculation around ADA for X payments has triggered theories that the asset is headed to $10. Cardano Foundation CEO Frederik Gregaard has confirmed that the network is working with NASA on satellite data and provenance capabilities.
Daily trading volumes for ADA stands at $777 million, down by 22.7% over the last. Despite the decline in volumes, analysts say Cardano is on course to flip Solana if it attracts more decentralized applications.
The post Can Cardano Price Reach $1 As Whales Gobble 130 Million ADA? appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed