Cardano (ADA) Price Set for Reversal as Whales Add 10M ADA Tokens

The Cardano (ADA) network has witnessed significant whale activity in the past 24 hours, as large investors have reportedly accumulated 10 million ADA tokens. The data, shared by a renowned market analyst, Ali Martinez, highlights a sudden surge in whale interest, sparking speculation about a potential rally in ADA prices.

Crypto market sees selling pressure on Tuesday as Bitcoin fails to reach $100k.

Cardano price might see a quick recovery as whale buying supports a multi-year breakout.

ADA coin’s price shows potential to rebound quickly from a key support level.

After failing to reach the anticipated $100,000 mark, Bitcoin’s price encountered a roadblock on Tuesday, sparking a selling wave in the broader crypto market. However, the Cardano (ADA) price might see a quick recovery as whale buying supports a multi-year breakout.

The U.S. market session on Tuesday saw a selling wave in the crypto market after Bitcoin’s failure to reach $100k. While this downturn stalls the broader market recovery, Cardano’s price shows potential for a quick rebound.

After failing to reach the anticipated $100,000 mark, Bitcoin’s price encountered a roadblock on Tuesday, sparking a selling wave in the broader crypto market. However, the Cardano (ADA) price might see a quick recovery as whale buying supports a multi-year breakout.

According to a recent report, large investors, known as whales, have acquired 10 million ADA tokens in the past 24 hours, indicating a sudden surge in their interest. This activity could be a key factor in ADA’s upcoming price rally.

Historically, such large-scale accumulations have been linked to a major market reversal and growing confidence in an asset’s long-term potential. Hence, the occasional market downturn could boost buying activity in Cardano’s price, projecting a potential for quick recovery.

Moreover, the ADA coin’s market performance over the past five weeks has been a sideways movement, struggling to sustain above the $1.24 resistance. This consolidation, when viewed on a weekly time frame, reveals a crucial retracement phase of a classic reversal pattern known as "cup and handle."

This pattern features a “U-shaped” recovery (the cup) followed by a smaller consolidation or pullback (the handle) before a potential breakout. The cup represents a period of accumulation after a significant decline, indicating growing bullish sentiment.

If this pattern holds, the ADA coin correction could prevent a breakdown below the $0.82 support.

On the other hand, the renewed market bullishness could drive the asset up 20% to breach the $1.25 neckline. A potential breakout could pave the way for Cardano to target key levels at $2.5, followed by $3.2, and ultimately $4.26.