Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network

Share This Post

The Cardano price has recently rejected around the $1.1 price level. Notably, the past three months have been highlighted by a remarkable Cardano surge that saw it break above $1 for the first time since early 2022 and peak at $1.3 on December 3, 2024. 

Although Cardano has managed to hold above the $1 mark since then, price action in the past 24 hours has been highlighted by a 3.77% decline alongside the rest of the crypto market. However, on-chain data shows that the decline has given crypto whales another opportunity to double down on their holdings. 

Surge In Whale Transactions Reflects Continued Confidence In Cardano

A surge in whale activity on the Cardano network has brought forward another spirit of accumulation among the holder cohort, with prominent crypto analyst Ali Martinez highlighting the development on the social media platform X. Martinez noted that 687 transactions with a value of at least $1 million were recorded within the past 24 hours, pointing to increasing interest from large investors.

According to data from the on-chain analytics platform Santiment, this increase in activity is particularly notable, as the whale activity had been declining since the beginning of December. Particularly, Cardano whale activity declined from about 894 transactions on December 2, just before it reached its current 2024 peak of $1.3, to around 240 transactions between December 8 and December 12.

Whale activity is one of the biggest indicators of a network’s performance and its price outlook. Although the whale activity could also point to whales exiting their positions, current market sentiment points to accumulation instead. Furthermore, the increase in whale activity is an indication of continued confidence in the cryptocurrency’s price outlook. 

Cardano price

The Path To $2: What Lies Ahead For Cardano?

As it stands, the recent rejection at $1.11 has seen the Cardano price decline to retest the support at $1. At the time of writing, Cardano (ADA) is trading at $1.03, although there remains a risk of a further move to the downside.

However, the surge in whale transactions is one bullish signal that could send the cryptocurrency on a bounce upwards due to its counterweight action against selling pressure.

The next target remains a final break above the $2 threshold, which might still be achievable before the end of the year. Reaching the $2 price target, which is about 94% from its current price level, would require a general bullish sentiment in the wider crypto market. Interestingly, crypto analysts at Changelly have presented a more cautious outlook with a year-end ADA price of $1.15. 

Nonetheless, Cardano has more than tripled in its value in the past six weeks and it could resume this momentum anytime soon towards $2 if the bulls can continue to hold above the $1 mark. 

Cardano price chart from Tradingview.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Tokenized US Treasuries Surpass $3 Billion, Surges 300% YoY

The post Tokenized US Treasuries Surpass $3 Billion, Surges 300% YoY appeared first on Coinpedia Fintech News According to the analytics platform RWAxyz, the tokenized US Treasuries have broken a

Tokenized US Treasuries Surpass $3 Billion, Surges 300% YoY

The post Tokenized US Treasuries Surpass $3 Billion, Surges 300% YoY appeared first on Coinpedia Fintech News According to the analytics platform RWAxyz, the tokenized US Treasuries have broken a

BlackRock’s ETF Makes Historic Blockchain-Settled Municipal Bond Purchase

The post BlackRock’s ETF Makes Historic Blockchain-Settled Municipal Bond Purchase appeared first on Coinpedia Fintech News As per a latest Bloomberg report, BlackRock’s iShares Short

Shiba Inu Falls Below $0.00002631 As Bears Dominate The Market, Time To Buy?

Shiba Inu (SHIB) has seen intense bearish pressure as its price slips below the critical $000002631 level This downward move reflects growing market challenges, with SHIB struggling to maintain its

Just In: Fed Slashes Interest Rates By 25 bps

The post Just In: Fed Slashes Interest Rates By 25 bps appeared first on Coinpedia Fintech News The US Federal Reserve has finally announced its eighth and last policy decision for 2024 after a

Delhi High Court orders new probe into WazirX amid Binance delisting

Indian crypto exchange WazirX faces mounting challenges after the Delhi High Court ordered a fresh investigation into the platform on Dec 18 — the same day Binance announced it would delist the