Cardano (ADA) Whales Accumulate Millions of Tokens as the Altcoin Primed to Break Higher

Cardano (ADA) has achieved a significant milestone by breaking past the $1 barrier, a level that appeared unattainable for the majority of 2023.

Cardano (ADA) has seen a massive surge in its price, finally breaking through the $1 barrier that seemed out of reach for most of 2023.

This recent price action has grabbed the attention of both investors and analysts, considering that the token has failed to cross this psychological level for years.

After some consolidation in its price, several analysts now believe that this is just the beginning of a bigger rally.

Cardano Sees Consolidation Phase

ADA’s momentum slowed down after it crossed the $1 mark, and it has been trading just below this level. Contrary to the expectations of many investors that the rally would continue, Cardano has entered a consolidation phase around the $0.99 – $1.00 range.

This might seem like a temporary setback, but analyst Dan Gambardello has a different take on it. He sees this consolidation as a positive sign of redistribution, which is necessary for ADA to continue its upward trend.

After this phase concludes, Gambardello expects Cardano to be able to pursue much higher price points, potentially reaching the $5 – $10 range.

Increase In Whale Activities

One of the most interesting aspects of Cardano’s recent performance has been the increase in whale activity.

Millionaire ADA whales have been rapidly increasing their holdings over the past few weeks, especially after the token’s $1突破.

Over 130 million ADA tokens are reportedly owned by these whales, which is valued at over $3.2 billion. Such accumulation is seen as a strong vote of confidence in the token, which will continue to drive its price higher.

Despite profit-taking, the ADA adoption has maintained its bullish optimism.

Whale Appetite Grows As Bitcoin Approaches $100K

There has been a shift in focus to other cryptocurrencies, like Cardano, as Bitcoin’s price approaches $100,000.

ADA’s market capitalization has surged by more than 30% in the past week, reaching an impressive $35 billion.

Investors are very bullish on Cardano’s future because of the increasing whale activity and the potential for a favorable regulatory climate.

The rumors about Cardano’s founder and possible partnerships with incoming US President Donald Trump have also increased the level of enthusiasm.

While these factors are still largely speculative, they contribute to the growing conviction that Cardano is poised to achieve new price milestones in the near future.

Cardano’s latest performance has shown that it is once again a force to be reckoned with.

ADA might soon be scaling new heights with the optimistic market sentiment and strong whale support. The $5 – $10 price range may seem like an ambitious target, but it is now achievable with the right catalysts.

Christopher Swann/Minden Pictures featured this image, and TradingView provided the chart.