Connect with us

Hi, what are you looking for?

Crypto News

Can Cardano Price Reach $1 As Whales Gobble 130 Million ADA?

Can Cardano Price Reach $1 As Whales Gobble 130 Million ADA

Cardano price has taken a hit in recent days but analysts are confident of a fresh rally for the asset. A massive whale accumulation by Cardano (ADA) whales is fuelling speculation for a price spike amid rising network activity.

Whales Can Send Cardano Price Across The $1 Mark

According to an X post by on-chain analyst Ali Martinez, Cardano whales have gobbled up 130 million ADA in the last three days. The total value of ADA accumulated by the whales stands at $97.5 million with retail traders contributing their fair share.

Pundits say the recent accumulation spree is an indicator for a potential rally for Cardano price. There is significant optimism that ADA can cross the $1 mark after prices fell to $0.70.

Prior to the decline to $0.70, Cardano’s price traded as high as $1.13 over a 30-day period. Now, rising whale activity is stoking belief for ADA to reclaim its previous highs but several hurdles stand in the way.

For starters, the network’s unique wallets trading (UWT) indicator has reached all-time lows. However, analysts say the dip in unique wallets is “the calm before the storm” before the start of a rally.

“Usually when the number of UWT dips below 1.5k per day, it doesn’t take long until something happens,” said one analyst.

ADA’s Ecosystem Continues To Buzz Despite Price Decline.

At the moment, ADA price is floating around the $0.7 mark but the ecosystem is alive with activity. Still reeling from the highs of its inclusion in the Crypto Strategic Reserve, institutional interest is climbing.

Furthermore, speculation around ADA for X payments has triggered theories that the asset is headed to $10. Cardano Foundation CEO Frederik Gregaard has confirmed that the network is working with NASA on satellite data and provenance capabilities.

Daily trading volumes for ADA stands at $777 million, down by 22.7% over the last. Despite the decline in volumes, analysts say Cardano is on course to flip Solana if it attracts more decentralized applications.

 

The post Can Cardano Price Reach $1 As Whales Gobble 130 Million ADA? appeared first on CoinGape.

You May Also Like

World News

US Secretary of State Marco Rubio will discuss the possibility of deporting suspected Tren de Aragua gang members to El Salvador in an upcoming...

Science&Tech News

Consumer rights group Which? is suing Apple for £3bn over the way it deploys the iCloud. If the lawsuit succeeds, around 40 million Apple...

Science&Tech News

Battle lines have been drawn between the almost 200 countries meeting in Azerbaijan as they seek to agree a new pot of money to...

Crypto News

The Bank of Russia has issued a directive for financial institutions to prepare for the integration of the digital ruble. The move aims to...