Will ADA Price Surge Past $1.3 After Bullish Whale Accumulation

Cardano price has recently been influenced by whale activity in the market. The past 72 hours alone have shown that whales have purchased more than 130 million ADA tokens.

This is usually a sign of increasing faith in the currency. New data from popular crypto analyst Ali Martinez shows an increase in purchases made by whales.

These purchases within the last 72 hours include 30 million ADA within the last 24 hours and 100 million ADA within the preceding 48 hours.

This rise in buying volume means some big investors are very bullish in the market.

More so, the accumulation phase, therefore, indicates that big investors are expecting the price of Cardano to rise even higher.

The whale accumulation has boosted ADA price and indicates a potential recovery rally for the altcoin.

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Whale participation has usually come before the price pump and the current situation is no exception.

Cardano’s Double-Bottom Breakout Targets $1.2915, With $1.00 as Critical Support

On the technical side, Cardano’s chart has a double-bottom breakout pattern, with the neckline break at $1.02.

This pattern indicates that the price will continue to rise if it breaks the neckline and closes above it.

At the current price, the altcoin is testing the broken neckline which is an important zone that will indicate further upside movement.

Cardano price action is aiming for the $1.13 high and then the psychological $1.20 mark.

A move above these levels would see Cardano rallying to the 1.618 Fibonacci level at $1.2915.

But the support at the $1.00 rate is still significant. If Cardano fails to stand above this level, it may experience a decline to the lower levels.

Cardano Price Action and Technical Analysis

Cardano price action has shown notable improvement in recent weeks. After dipping to $0.8775, ADA rebounded by 18%, reaching a higher price of $1.11.

This recovery was accompanied by the positive crossover of the 20-EMA line with the 50, 100, and 200 EMAs, signaling a restoration of the bullish alignment.

Additionally, the MACD indicator on the chart shows a bullish crossover as the MACD line moves above the signal line.

This crossover suggests increasing buying momentum, with the histogram turning positive and expanding.

The MACD positioning above the zero line further reinforces a bullish sentiment. If the upward trend continues, ADA may maintain its current rally.

Whale Activity and Its Role in ADA Price Movements

The cryptocurrency market is still on the recovery path, and major cryptos including Bitcoin, Ethereum, and Solana are making recoveries.

While the market recovery is still in progress, other tokens, including Sui, are starting to gain attention.

At the time of writing, Cardano (ADA) is trading at $1.10, up 4.71% in the past 24 hours, with a market cap of $38.55 billion.

The 24-hour trading volume stands at $2.04 billion, reflecting an 11.03% increase. Whale activity has been a key driver of Cardano price’s recent bullish sentiment.

The 130 million ADA tokens bought in just 72 hours suggest that whales expect a continued price rally. The strategic support from ADA whales could drive Cardano towards the $1.3 price target.