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Whales Quietly Accumulate 210 Million ADA. How Will This Affect the Altcoin’s Price?
According to on-chain data shared by crypto analyst Ali Martinez, large investors have accumulated more than 210 million Cardano (ADA) over the past three weeks.
Data on reserves held on centralized exchanges indicate a decline in available ADA. As a result, less Cardano is held on trading platforms, while more is kept off-market. This could lead to a reduction in supply if demand begins to recover.
The accumulation took place during the decline in the altcoin’s price, rather than after a rebound. Over the past 24 hours, ADA has dropped by more than 3% and, at the time of writing, was trading at around $0.36.
The price of ADA is hovering slightly above the $0.36 level, which corresponds to a broader support zone extending down to approximately $0.28.
The altcoin’s price has repeatedly rebounded from the $0.45–$0.50 range. This area remains the first major resistance level, which must be broken to establish sustainable growth. Notably, if support in the $0.36–$0.30 range holds, a multi-stage recovery could unfold on the chart.
A breakout above the triangle-shaped resistance level would bring the $0.80–$1 range back into play, followed by a potential extension toward the $1.40–$1.60 area. The launch of an ETF and support from regulatory authorities could eventually push ADA up to $4.
See also: "Strategy Raises $2.1 Billion and Buys 22,305 Bitcoins"
