Cardano remains in the spotlight amid a volatile market, experiencing price declines and increased whale activity over the past 24 hours.
Cardano Whales Go on Buying Spree: Is a Price Rebound on the Horizon?
Key Highlights:
- Cardano whales purchased 10 million ADA within 24 hours.
- Despite a recent market crash, Cardano is holding steady above the $1 mark.
- Ecosystem upgrades and connections to political shifts may support a long-term price surge.
In the last 24 hours, Cardano (ADA) has seen a sharp price drop, coinciding with Bitcoin’s sudden dip during late trading hours. Despite this, Cardano remains resilient above the $1 threshold, emerging as a standout performer over the past week.
Whales’ Role in Market Dynamics
As of now, ADA is trading at $1.109, reflecting an 8.59% decline over the last 24 hours. During a broader altcoin selloff, the coin fell from its intraday high of $1.15 to a low of $1. However, Cardano managed to stay above the crucial $1 support level, largely due to significant whale activity.
Market analyst Ali Martinez highlighted that whales have accumulated 10 million ADA in the past 24 hours, as illustrated by a Santiment chart, showcasing a correlation between whale purchases and ADA’s recent price movements. This indicates a strong belief among large investors in Cardano’s future potential.
Ecosystem Developments Boosting Investor Confidence
Despite short-term volatility, ADA has maintained an 18.83% gain over the past week, demonstrating its upward momentum. In addition to whale activity, key ecosystem upgrades are reinforcing market confidence.
Cardano recently entered its “Age of Voltaire,” marking a shift toward decentralized governance. Community approval of the budget and constitution will be the final milestone in this transition, as emphasized by Cardano founder Charles Hoskinson.
Alongside governance advancements, new products and collaborations are in the pipeline, including the Bitcoin DeFi project, Lace Wallet updates, and the Midnight Protocol.
Market Influence and Broader Trends
Cardano’s trajectory remains closely tied to Bitcoin’s performance. If political factors, such as a pro-crypto stance from an upcoming U.S. administration, benefit Bitcoin, Cardano could see a positive ripple effect.
With ETFs for assets like XRP, Litecoin, and Solana gaining traction, there is potential for a Cardano fund to be introduced in the near future, further bolstering its appeal to institutional investors.
