Cardano Whales Resurfaced as ADA Price Nears Crucial Support Level: Where Is ADA Headed Next?

Major Cardano whales have shifted their investment strategy, marking a notable change in market sentiment.

Cardano (ADA) whales have shifted their investment strategy, exhibiting a key behavior that could influence the今後の価格. Several crypto analysts and market observers have highlighted changing patterns in whale activity, exchange outflows, and technical indicators, which may contribute to ADA's price trajectory.

Crypto analyst Ali (@ali_charts) observed that Cardano whales have been accumulating ADA tokens, purchasing over 160 million since the coin dropped to $0.91. These large-scale investors had previously booked profits when ADA's price rose from $1.15 to $1.33. The recent whale accumulation marks a change in their strategy.

According to Ali's analysis, the whales sold around 220 million ADA when the token encountered resistance at $1.15, signaling their initial response to rising prices. Later, as ADA continued its ascent, they purchased about 180 million tokens. However, they sold again as the price approached $1.33.

Now, with ADA's price decline, the whales have been buying again, having acquired 160 million tokens at lower price levels. This buying activity suggests strong interest from large investors in the cryptocurrency's performance.

#Cardano whales took profits on the way up from $1.15 to $1.33, but after $ADA dropped to $0.91, they started buying again. In fact, they’ve bought 160 million $ADA since the dip! pic.twitter.com/13RlCnMpIO

Meanwhile, ADA's price experienced a 6.03% decrease in the past 24 hours, trading at $1.03, according to CoinGecko. The total trading volume amounted to $1.6 billion, indicating active market participation despite recent price volatility.

ADA Exchange Outflows Suggest Long-term Holding Preferences

Market observer Lucid (@LucidCiC) noted substantial ADA movements away from cryptocurrency exchanges. Users have been transferring billions of ADA tokens to external wallets each week.

This trend of exchange outflows, typically observed during bull markets, might indicate a preference for long-term holding over short-term trading strategies among ADA holders.

$ADA Mass Adoption is Here!😤

Cardano users have been sending Billions of $ADA off of Exchanges every week & those Numbers are Only increasing!

TVL breaking through an ATH is just the first sign of what is to come for Cardano in 2023!

Your Predictions are TOO LOW!$ADA 👑

Moreover, the Total Value Locked (TVL) in Cardano's ecosystem has reached new highs, highlighting increased adoption of the network's decentralized applications and services. These metrics contribute to a broader perspective of growing activity within the ADA ecosystem, extending beyond simple token trading.

Technical Analysis Identifies Key Support Level for ADA

Trading analyst InvestingHaven (@InvestingHaven) analyzed ADA's price action, identifying a crucial Fibonacci support level at $0.824 for early 2023. The analyst outlines several price scenarios based on this support holding.

The base case projects a price range between $0.83 and $1.88, while a more optimistic scenario suggests potential movement toward $2.55. These projections heavily rely on ADA maintaining price stability above the specified support zone.

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