Cardano Whales Move 19.5 Billion ADA, What’s Next?

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In this confusing market sentiment, Cardano (ADA) whales’ activity over the past 24 hours has raised hope among investors and traders, indicating something significant may be unfolding. According to the on-chain analytic firm IntoTheBlock, Cardano Whales has moved a significant 19.5 billion ADA tokens, worth $6.48 billion in the past day.

Whale Activity on the Rise

Additionally, large transactions (transactions more than $100,000) have increased by 10% in the last 24 hours. According to the data, these whales have made more than 3,100 transactions during the same period, compared to the weekly high of 3,300. 

Source: IntoTheBlock

This notable surge in large transactions in a signal day is comparatively higher than Ethereum’s, indicating that whales might be in the mood to pump ADA, as it has been struggling near the support level of $0.33 level, since July 2024.

Current Price Momentum 

Following the whales’ activity, ADA has experienced a price jump of 4.35%. However, at press time, it is trading near $0.333 and is currently up by 1.25% in the last 24 hours. During the same period, its trading volume dropped by 11%, indicating lower participation among traders amid market uncertainty.

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Cardano (ADA) Technical Analysis and Upcoming Level

Despite the whales’ bullish activity, ADA still appears bearish according to expert technical. It has been in a downtrend since April 2024, as has been it trading below the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend. 

Source: Trading View

Based on the ADA’s price momentum, if it closes a weekly candle above the $0.35 level, there is a high possibility it could soar by 30% to the $0.45 level, to its next resistance level.

Bullish On-chain Metrics 

However, the on-chain metrics support whales’ bullish sentiment. Currently, Coinglass’s ADA’s Long/Short ratio stands at 1.02, indicating bullish market sentiment among traders. Additionally, ADA’s future open interest has also increased by 2.7% in the last 24 hours, revealing growing interest among traders amid ongoing struggling phase. 



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