Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network
December 18 2024 - 12:00PM
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The Cardano price has recently rejected around the $1.1 price
level. Notably, the past three months have been highlighted by a
remarkable Cardano surge that saw it break above $1 for the first
time since early 2022 and peak at $1.3 on December 3, 2024.
Although Cardano has managed to hold above the $1 mark since then,
price action in the past 24 hours has been highlighted by a 3.77%
decline alongside the rest of the crypto market. However,
on-chain data shows that the decline has given crypto whales
another opportunity to double down on their holdings. Surge
In Whale Transactions Reflects Continued Confidence In Cardano A
surge in whale activity on the Cardano network has brought forward
another spirit of accumulation among the holder cohort, with
prominent crypto analyst Ali Martinez highlighting the development
on the social media platform X. Martinez noted that 687
transactions with a value of at least $1 million were recorded
within the past 24 hours, pointing to increasing interest from
large investors. Related Reading: Bitcoin Price Moves Similarly To
The Elliot Wave Count From 2017, Why Price Can Jump Another 80%
According to data from the on-chain analytics platform Santiment,
this increase in activity is particularly notable, as the whale
activity had been declining since the beginning of December.
Particularly, Cardano whale activity declined from about 894
transactions on December 2, just before it reached its current 2024
peak of $1.3, to around 240 transactions between December 8 and
December 12. Whale activity is one of the biggest indicators of a
network’s performance and its price outlook. Although the whale
activity could also point to whales exiting their positions,
current market sentiment points to accumulation instead.
Furthermore, the increase in whale activity is an indication of
continued confidence in the cryptocurrency’s price outlook.
The Path To $2: What Lies Ahead For Cardano? As it stands, the
recent rejection at $1.11 has seen the Cardano price decline to
retest the support at $1. At the time of writing, Cardano (ADA) is
trading at $1.03, although there remains a risk of a further move
to the downside. Related Reading: Ethereum Price Crash Incoming?
Tron’s Justin Sun Unstakes $209 Million ETH From Lido Finance
However, the surge in whale transactions is one bullish signal that
could send the cryptocurrency on a bounce upwards due to its
counterweight action against selling pressure. The next target
remains a final break above the $2 threshold, which might still be
achievable before the end of the year. Reaching the $2 price
target, which is about 94% from its current price level, would
require a general bullish sentiment in the wider crypto market.
Interestingly, crypto analysts at Changelly have presented a more
cautious outlook with a year-end ADA price of $1.15.
Nonetheless, Cardano has more than tripled in its value in the past
six weeks and it could resume this momentum anytime soon towards $2
if the bulls can continue to hold above the $1 mark. Featured
image created with Dall.E, chart from Tradingview.com
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