Cardano (ADA) Price: Whales Go on Buying Spree With 140 Million Tokens

TLDR

• Cardano whales accumulated over 140 million ADA tokens in one week, increasing total holdings from 13.06 to 13.20 billion ADA
• ADA is currently trading at $0.70 with analysts targeting $0.74 as the next key resistance level
• Support levels are identified between $0.635 and $0.685 for potential price corrections
• Conflicting reports show some whales sold over 350 million ADA tokens worth of value in the past week
• Cardano’s total value locked in DeFi dropped 20% to $288 million in the last 30 days

Cardano is experiencing conflicting whale activity as the token trades at $0.70. Large holders have made significant moves in recent weeks, creating uncertainty about the token’s near-term direction.

Crypto analyst Mintern reported that a large Cardano holder accumulated over 140 million ADA tokens in just one week. This buying activity suggests confidence in the project’s future prospects.

On-chain data reveals that addresses holding between 10 million and 100 million ADA increased their total holdings from 13.06 billion to 13.20 billion tokens. This represents a substantial increase in whale positions.

At the time of writing, ADA is trading at $0.7025 with a 24-hour trading volume of $2.48 billion. The token’s market capitalization stands at $25.17 billion.

The price has risen 3.03% in the last 24 hours. This gain reflects growing interest among large investors in the token.

Technical Analysis Points to Key Levels

Analyst More Crypto Online identified $0.74 as the next important resistance level for Cardano. Breaking through this price point would be crucial for continued upward movement.

He noted that micro support currently exists between $0.635 and $0.685. These levels could act as a buffer if the price experiences short-term corrections.

However, the analyst cautioned that the current rally remains unconfirmed. He described it as “a weak five-wave move to the upside” and mentioned that on certain exchanges it may appear as a three-wave move.

The daily chart shows several bearish technical patterns forming. A rising wedge pattern has developed with two ascending and converging trendlines.

A head-and-shoulders pattern has also formed on the chart. The spread between the 50-day and 200-day Exponential Moving Averages continues to narrow.

Conflicting Whale Activity Creates Confusion

While some reports show whale accumulation, other data indicates selling pressure. Whales reportedly sold Cardano tokens worth over 350 million in the last week.

This selling activity contradicts the accumulation data from other sources. The conflicting information makes it difficult to assess the true sentiment among large holders.

The token has fallen over 32% from its highest point in August. This decline has pushed ADA into bear market territory.

Technical analysts suggest the token could potentially fall to $0.50, which was its lowest point in April and June this year. This level is approximately 25% below the current price.

DeFi Metrics Show Weakness

Cardano’s DeFi ecosystem continues to struggle compared to other major blockchains. The total value locked in the ecosystem dropped 20% in the last 30 days to $288 million.

This compares unfavorably to Solana’s over $25 billion in total value locked. Even smaller chains like Cronos have $765 million locked in their ecosystems.

Cardano’s stablecoin supply stands at just $36 million. The DEX volume in the last 24 hours was less than $4 million.

The token has not yet achieved several goals mentioned by founder Charles Hoskinson. The hinted integration with Chainlink has not occurred, and Bitcoin integration remains incomplete.

ADA is currently trading at $0.7025 with a market cap of $25.17 billion and $2.48 billion in 24-hour trading volume.

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