Cardano price rises by 76% in just five days following heightened whale activity. The token has moved away from its $0.40 resistance and is currently trading at $0.6103.
Large Cardano holders’ activity drives a bullish price rally
After a three-month stalemate, Cardano’s ADA is rising, with augmented investor activity driving a bullish price surge. The token’s price rose by 76% in the last five days, breaking away from the long-held $0.40 resistance.
Whales on the network have especially taken interest in the token, making over $11.5 billion in trades in the last five days—the highest whale trading activity since May. The increased whale activity points to a rather renewed confidence in the token, which, if maintained, could help bolster Cardano’s prices further.
However, the token is in its overbought RSI zone, hinting at possible price dips and heightened profit-taking. According to Coinglass, ADA is trading at $0.6103, a 38% climb in just 24 hours and 82% in the last seven days. Its open interest (OI) is at $371.21 million, its highest level since June, increasing by almost 63% in 24 hours. ADA’s 24-hour trading volume is up by over 355% at $3.97 billion.
Charles Hoskinson wants to set up a new office in Washington DC
Following the YouTube live stream of Cardano’s founder, Charles Hoskinson, debates about his joining Trump’s administration surfaced. These speculative remarks partially drove Cardano’s intraday gains by over 35%.
However, Charles only mentioned how he would establish an office in Washington, D.C., where they would seemingly engage government officials to build bipartisan support for pro-crypto laws. However, some interpreted his words to mean he would be part of Trump’s administration in 2025.
Charles has not said anything about joining the White House team or working with Trump, but he did encourage fairness in coming up with crypto regulations.
He remarked:
No one in the crypto industry has asked for special rules or treatment. The crypto policy should be written by the American people, the American crypto industry, and well-meaning lawmakers who are willing to take the time to listen.
~Charles Hoskinson
Source: https://www.cryptopolitan.com/cardano-surges-as-whale-activity-surges/