Cardano Whales Flock to Buy Amid 22% Price Surge

Large Cardano (ADA) investors have significantly increased their positions over the past five days, buying in as the cryptocurrency's price surged by 22%. According to Santiment data, these 'whales' accumulated over 240 million ADA during this period, bringing their combined holdings to approximately 14.5 billion ADA.

This aggressive buying coincided with a notable increase in Cardano's price, which rallied from around $0.16 to nearly $0.19 within a short time frame. Although the token has pulled back from its recent peak, it continues to hold onto most of these gains.

Market analyst GainMuse noted that despite this whale accumulation, short-term technical indicators suggest ADA could face additional downside pressure. The analyst stated that ADA recently confirmed a bearish wedge breakdown on the 30-minute chart after declining to around $0.1802, and rising trading volume during the breakdown indicates sellers currently maintain control.

To invalidate this bearish pattern and restore short-term bullish momentum, ADA must reclaim the $0.1808 level. Otherwise, continued selling pressure could drive the price toward the next downside target around $0.1747. There is also immediate support near $0.1719, with a stronger support zone around $0.1663 if the decline intensifies.