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Cardano price recently rejected price levels around $1.1. In particular, the past three months have been highlighted by a remarkable Cardano rally, breaking above $1 for the first time since early 2022 and peaking at $1.3 on December 3, 2024.
Since then, Cardano has managed to maintain above the $1 mark, but its price movement over the past 24 hours has been highlighted by a 3.77% decline, in line with other crypto markets. However, on-chain data shows that this decline has given crypto whales new opportunities to double their holdings.
Surge in whale trading reflects continued confidence in Cardano
The surge in whale activity on the Cardano network has led to a new accumulation mentality among the holder population, with prominent crypto analyst Ali Martinez highlighting the developments on social media platform X. Martinez noted that there were 687 transactions worth at least $1 million. It was recorded within the last 24 hours and shows increased interest from large investors.
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This increase in activity is particularly noteworthy since whale activity had been declining since early December, according to data from on-chain analytics platform Santiment. Notably, Cardano whale activity has increased from around 894 trades on December 2, just before reaching its current peak of $1.3 in 2024, to around 240 trades from December 8 to December 12. The transaction was reduced.
Whale activity is one of the biggest indicators of network performance and price outlook. Whale activity could also indicate a whale exiting a position, but current market sentiment indicates accumulation instead. Additionally, increased whale activity indicates continued confidence in the cryptocurrency's price outlook.
Source:X
The road to $2: What lies ahead for Cardano?
As it stands, the recent rejection at $1.11 has caused Cardano price to fall to retest the $1 support. At the time of writing, Cardano (ADA) is trading at $1.03, but the risk of further decline remains.
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However, the surge in whale trading is one of the bullish signals that could cause the cryptocurrency to rise due to its counterweight effect to selling pressure.
The next target remains a final break above the $2 threshold, which could still be achieved before the end of the year. Bullish sentiment across the broader crypto market will be needed to achieve the $2 price target, which is approximately 94% from current price levels. Interestingly, Cryptocurrency analysts at Changelly have a more cautious outlook for year-end ADA price of $1.15.
Nevertheless, Cardano's value has more than tripled in the past six weeks, and if the bulls can sustain above the $1 mark, this momentum could soon resume towards $2. There is.
ADA price rebounds from lows | Source: ADAUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
