Key Insights:
- Whales sold 140M ADA tokens, signaling profit-taking amid market shifts.
- Analysts predict a 260% rally for ADA, targeting $1.86 if previous cycles repeat.
- Cardano futures open interest surges to $2.5B, indicating increased trader activity.
In recent weeks, there has been a significant shift in the Cardano ($ADA) market. Whales have sold over 140 million ADA tokens, signaling a potential change in market dynamics. Despite these sales, the price of Cardano is showing signs of upward movement, with analysts pointing to a possible rally.
Whales Liquidate 140 Million ADA Tokens
Recent reports show that whales have sold a substantial amount of ADA in the last two weeks. More than 140 million tokens were moved out of circulation. This large-scale selling could be linked to profit-taking as the market sees a temporary dip.
According to Ali_charts, Whales are booking profits, indicating that these large investors may have capitalized on recent price increases. The selling activity has not resulted in a drastic price drop.
Whales Liquidation | Source: XCardano’s price has seen slight increases, showing resilience in the face of large sell-offs. This may suggest that retail investors are taking an active role in holding and buying Cardano, stabilizing its price during times of whale activity.
Analysts Predict a Potential 260% Rally for Cardano
Market experts are eyeing Cardano’s next move, with some projecting a potential 260% price increase. Bitcoinsensus analysis shows that after bottoming out in previous cycles, Cardano has made notable recoveries.
Rallies following previous lows have seen gains of +260% and +360%. A similar pattern could unfold this time. ADA is eyeing $1.86 for potential +260% repeat, suggesting that a breakout could follow if the trend continues.
Potential Breakout | Source: XThis target of $1.86 would mark a significant price jump from Cardano’s current price of around $0.88. Investors and analysts are watching closely to see if Cardano can replicate these past cycles and see similar growth. Cardano is currently priced at $0.87, with a 24-hour trading volume of $1.4. Cardano is down 1.85% in the last 24 hours.
Surge in Cardano Futures Open Interest
In addition, the futures market for Cardano has also seen a sharp increase in open interest. Cardano’s futures open interest has surged to $2.5 billion, the highest level since 2021. This surge indicates an increase in leveraged trading activity around the cryptocurrency.
The rise in open interest suggests that more traders are betting on Cardano’s future price movements, particularly in the short term. Based on CoinBureau Cardano Futures OI surges to $2.5B, signaling growing market interest.
ADA Furures OI |Source: XThis growing interest could lead to increased volatility in the coming weeks, as traders look to capitalize on price swings. The combination of whale activity, future predictions, and growing market interest may set the stage for a potential price rally.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/whales-sell-140m-ada-as-cardano-eyes-1-86/
