Cardano Price Skyrockets on Whale Accumulation, Breaks Above $0.1812 Resistance
The Cardano price surged by nearly 12% over the past seven days, making it one of the top-performing cryptocurrencies in the market.
This impressive gain is largely due to the accumulation of ADA by large holders, also known as 'whales', who added more than 240 million ADA in just five days. This has pushed their total holdings to nearly 14.5 billion ADA, according to data from Santiment shared by market analyst Ali Martinez.
The strong buying pressure has also led to a significant increase in trading volume, with spot trading volume climbing 43.03% to $614.05 million over the past day. The token's price reached its strongest level in about a month, briefly approaching the $0.19 area before retracing slightly.
The breakout above the $0.1812 resistance has caught attention, with one breakout candle printing 3.49 million ADA in trading volume on TradingView. This suggests real demand supported the move, rather than a weak price spike. However, analysts warn that ADA's price needs to hold $0.1812 to maintain its bullish setup and support a move towards $0.20.