The Cardano price has been in red-hot form over the past few days, making a highly anticipated return to above $1 on Friday. This recent bullish momentum made ADA the best-performing asset among the top 10 largest cryptocurrencies in the past week.
While this burst of positive price action could be linked to the improving climate of the altcoin market, it appears that the increased activity of large holders, or whales, is responsible for the latest price surge. Here’s how much the ADA whales bought in recent days.
Cardano Whales Purchase 40 Million ADA In 2 Days
Prominent crypto analyst Ali Martinez revealed in a new post on the X platform that the Cardano whales have become increasingly active in the market over the last few days. This on-chain observation is based on the increase in the holdings of investors who own between 10 million and 100 million coins.
The investor cohort under review is a class of whales, which refers to entities that wield significant influence over the market due to the amount of cryptocurrencies they own. Many investors pay attention to this class of large holders, as the market often reacts to their movement.
According to data from Santiment, Cardano whales acquired more than 40 million ADA tokens (worth about $42.8 million at the current market value) in just 48 hours. This level of buying activity highlights strong faith in the asset’s promise despite the sluggish market climate.
As seen with the price action over the past few days, increased whale activity can have a positive impact on the price of Cardano. Hence, sustained buying activity could see the altcoin’s price reach its highs of early December 2024.
What Next For Cardano Price?
As of this writing, the Cardano price rests just above the $1 mark, reflecting a nearly 2% decline in the past 24 hours. However, this negative performance has barely affected the altcoin’s weekly gains, which currently stand at around 26%.
In another post on X, Martinez revealed that the Cardano price is playing out similarly to its trajectory in the previous cycle. During the last bull cycle, the ADA token experienced exponential growth in less than a year, reaching the historic all-time high price of $3.09.
The analyst believes that if the altcoin follows this historical pattern, a move to $4 could be imminent. However, based on the highlighted chart, the Cardano price might ascend as high as $6 before encountering a significant roadblock.
