The price of Cardano Recently canceled Around the $1.1 price level. In particular, the past three months have been highlighted by a remarkable Cardano rise that saw it break above $1 for the first time since the start of 2022, to peak at $1.3 on December 3, 2024.
Although Cardano has managed to hold above the $1 mark since then, the price action over the past 24 hours has been highlighted by a 3.77% decline along with the rest of the crypto market. However, on-chain data shows that there has been a decline Crypto whales given another chance to double their holdings.
The increase in whale transactions shows continued confidence in Cardano
An increase in whale activity on the Cardano network has brought forth another sentiment among the holder group, along with prominent crypto analyst Ali Martinez. Highlighting growth X. Martinez on the social media platform noted that 687 transactions with a value of at least $1 million were recorded within the last 24 hours, pointing to increasing interest from large investors.
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According to data from on-chain analytics platform Sentiment, this increase in activity is particularly notable, as whaling activity had been declining since the beginning of December. Notably, Cardano whale activity dropped from around 894 transactions on December 2nd to around 240 transactions between December 8th and December 12th, before reaching the current 2024 peak of $1.3.
Whale activity is one of the biggest indicators of a network’s performance and its price outlook. While whale activity could also point to whales moving out of position, current market sentiment points to a rally instead. Additionally, increased whale activity is a sign of continued confidence in the cryptocurrency’s price outlook.
The Path to $2: What’s Next for Cardano?
As it stands, the recent rejection at $1.11 has seen the price of Cardano plummet. To re-examine support at $1. At the time of writing, Cardano (ADA) is trading at $1.03, although the risk of a further move to the downside remains.
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However, an increase in whale transactions is a bullish signal that could send the cryptocurrency on an upward bounce because of its counter-weight action against selling pressure.
The next target remains a final break above the $2 threshold, which could still be achieved before the end of the year. To reach the $2 price target, which is about 94% from its current price level, will require a general bullish sentiment in the broader crypto market. Interestingly, Changelly’s crypto analysts offered a more cautious outlook with a year-end ADA price of $1.15.
Still, Cardano has more than tripled its value in the past six weeks and it could Resume this movement anytime soon Towards $2 if the bulls can continue to hold above the $1 mark.
Featured image created with Dall.E, chart from Tradingview.com
