Cardano's ADA Surges 9% Amid Whales' Accumulation Spree

Cardano's ADA has bucked the trend in a sluggish crypto market, surging over 9% in the past day. This weekend move is unusual, as most altcoins tend to freeze during weekends due to low trading volume and volatility.

The recent price action can be attributed to the accumulation of ADA by whales, large market participants who can significantly influence the asset's price with their purchases or sales. According to Santiment Intelligence data, these whales have scooped up over 240 million ADA in less than a week, leading to a notable surge in the asset's value.

Analyst Gerla notes that ADA is 'knocking on the door of a major breakout', with the bullish RSI divergence and inverse head-and-shoulders pattern suggesting that the asset has the strength to overcome the $0.19-$0.20 resistance level and aim at the next target around $0.30.

ZAYK Charts is even more bullish, predicting that a successful surge past the first resistance could pave the way for another leg up toward $0.50.