410 Million ADA Bought by Cardano Whales Is $1 ADA Price Within Reach?
Cardano whales scooped up over 410million ADA in April, signaling a strategic buildup at sub$0.70 levels and raising the prospect of a push toward $1.
ADA now trades around $0.68 after a 40% rally from April lows, but it faces key resistance near $0.75 and a longterm ceiling at the 200day moving average of $0.77.
Onchain data show large holders boosted their balances by roughly 420million ADA during the month, while whale wallets (10M100M tier) grew from 12.47billion to 12.89billion ADAan approximate $289million buy totaling near 420million ADA.
Technical indicators are mixed: The RSI is near 46, and the MACD has issued a bearish crossover, underscoring indecision below $0.75.
Whale Accumulation Signals Confidence
Whales added some 410million ADA in April, per a post by analyst Ali Martinez on X (formerly Twitter). Onchain snapshots confirm this increase: addresses holding 10M100M ADA increased their stake by about 420million ADA, valuing the buy at roughly $289million.
Smaller whale wallets (1M10M ADA) also increased, from 2,405 to 2,408 addresses. This level of accumulation suggests large investors view current prices as attractive entry points, which is historically a precursor to strong price moves.
ADA trades at $0.68, with a $24billion market cap and 0.96% dominance in the crypto market. Its consolidating between $0.66 (support) and $0.75 (resistance).
The 200day SMA sits near $0.77an important barrier for bulls. With volume, a break above $0.75 could clear the path to $0.80 and set sights on $1.00.
On the downside, a drop below $0.66 risks a deeper retracement to $0.60 or $0.54, in line with recent channel lows. Daily RSI hovers around 46, while the MACD shows a bearish crossover, indicating shortterm momentum favors bears.
Cardanos network remains active despite a cooling onchain usage. Daily active addresses declined from 50,000 in late April to 42,000 by May1, reflecting softer retail engagement.
Yet DeFis total value locked on Cardano stands at $331million, which is up 6.7% weekly, driven by new staking and smartcontract deployments. The Lace wallets Bitcoin support launch and rising developer activity bolster longterm fundamentals.
Is $1 ADA Price Within Reach?
Short term, ADA may trade sideways between $0.66 and $0.75. A decisive break above $0.75 could trigger a rally to $0.80 and potentially $1.00 if market conditions remain bullish and whale demand persists.
Conversely, failure at resistance could see a pullback toward $0.60 or lower. Traders should closely watch whale wallets, volume trends, and the $0.75$0.77 zone. With large holders accumulating heavily, Cardano has the fuel for a breakoutbut only if it clears critical technical barriers.
Read more: https://zycrypto.com/410-million-ada-bought-by-cardano-whales-is-1-ada-price-within-reach/
Text source: ZyCrypto
