Cardano whales buy over 100 million ADA in 24 hours
Decentralized finance (DeFi) cryptocurrency Cardano (ADA) has recorded an uptick in whale activity, a shift that remains key to helping the asset sustain its price above $1. The whales accumulated over 100 million ADA in the past 24 hours, coinciding with a period when the token attempted to stabilize around the $1.22 spot, according to data shared by cryptocurrency on-chain analyst Ali Martinez in an X post on December 5. ADA whale purchasing activity. Source: Santiment/Ali_charts Specifically, the purchase involved wallets holding between 1 million and 10 million ADA. Historically, when these high-net-worth wallets accumulate an asset in large quantities, it has always acted as a precursor to further price growth. ADA’s path to $1.5 resistance Indeed, if the capital inflow is sustained, ADA will likely target the $1.50 resistance level, validating its recent price breakout after months of consolidation below $1. Regarding price...