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Cardano (ADA) reclaimed the $1 price mark and surpassed that amid renewed investor interest in cryptocurrencies. Cardano whales are taking a higher turn as major holders embarked on a rare buying spree.
Whale activity indicates bullish ADA sentiment
According to According to Ali Martinez, on-chain analyst on X, Cardano whales have, in the last 24 hours, collectively purchased as much as 30 million ADA. This indicates significant investment and confidence in the potential or future price path of ADA.
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It is worth noting that such large-scale purchases by whales indicate bullish market sentiment. Market observers have noted that whales usually invest large amounts when they anticipate a potential rise in the value of an asset. Cardano's value has responded to growing investor interest in this case.
Increased buying activity from major Cardano holders could create positive momentum among market participants. This could attract other investors and possibly raise the price of ADA.
As of this writing, ADA prices have risen change The stock price reached $1.05, an increase of 5.64% over the past 24 hours. Trading volume rose 24.46% to $1.95 billion, as other investors seek to snap up the asset in anticipation of further price growth.
Technical indicators favor further growth
With Cardano successfully breaching the psychological level of $1, investors' concerns have shifted to... stability Above this critical resistance area.
Analysts studied the daily SMA 50 chart of ADA. They believe the only way assets won't tank too soon is for retail investors to complete ongoing whale buyouts.
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If market participants maintain the current momentum, ADA price could target the $1.32 level while pushing towards the $2 range.
Cardano's RSI levels also favor the asset's rise as they show that the coin is not overbought yet. Therefore, community support can help ADA remain among the top 10 crypto assets excel Top 10 short-term peers.
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