Key Insights:
- Cardano whales added 348M ADA in 4 days, following the price dip under $0.50.
- ADA bounced after testing the FVG zone, with bulls holding above the $0.55 support.
- Traders are now watching the $0.62 level, as equal highs may trigger the next breakout.
Large holders have increased their positions in Cardano after the price fell below $0.50 last week. Data from Santiment shows that wallets holding between 100,000 and 100 million ADA accumulated a total of 348 million ADA over the past four days. This buying accounts for 0.94% of the total supply, estimated at around $204.3 million.
The rise in holdings can be seen in the chart as both the total coin count and the share of supply controlled by these wallets moved higher. The activity follows a period of decline and suggests that key stakeholders have responded to the recent price drop by adding to their positions.
Clean Bounce After Fair Value Gap Test
After a break of structure (BOS), Cardano’s price returned to test a fair value gap (FVG) between $0.5484 and $0.5539. The move was followed by a sharp bounce, and the price is now trading around $0.5898, showing a 2.20% gain in the last 24 hours.
The reaction from the FVG zone marked a shift in short-term momentum. “Price tapped the FVG zone and bounced back fast,” noted BullishBanter. Since then, ADA has held above $0.55, which now acts as a near-term support level.
Traders Eye $0.62 As Next Key Level
With price moving steadily higher, attention is turning to the next resistance zone around $0.62. This area includes equal highs from previous price action, which may attract liquidity and limit upside in the short term.
A move beyond $0.62 would suggest increased buying pressure, while failure to break that level could result in consolidation. For now, the market structure favors buyers as long as the price remains above the $0.55 area.
Market Overview
Cardano was trading at $0.5898, with a 24-hour volume of $778 million. The price is up 4.12% over the past week. The recent whale activity, combined with a bullish chart setup, places ADA in focus as it approaches the next technical resistance.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/cardano-whales-grab-348m/