The Cardano cryptocurrency has experienced a recent price rejection near the $1.1 mark, yet it continues to hold ground above $1. Over the last three months, Cardano has witnessed a significant surge, breaking through the $1 threshold for the first time since early 2022 and peaking at $1.3 on December 3, 2024. However, the past 24 hours saw a 3.77% decline in Cardano's value, mirroring the broader market downturn.
This price dip appears to have invigorated cryptocurrency whales to bolster their investments.
The recent uptick in whale transactions on the Cardano network signals increasing interest among large investors. Noted crypto analyst Ali Martinez has highlighted this trend on social media, revealing an impressive 687 transactions exceeding $1 million within a 24-hour span. This suggests a burgeoning interest from big players.
According to on-chain data from analytics firm Santiment, this rise in whale activity is remarkable, as it had previously been on a decline since early December. Cardano's whale transactions fell from approximately 894 on December 2 to around 240 between December 8 and December 12. Whale activity is a crucial indicator of a network's performance and potential price movement. Current data suggests these whales are accumulating rather than exiting, indicative of sustained confidence in Cardano’s trajectory.
Following the rejection at $1.11, Cardano's price has retracted to test support at $1. As of now, ADA trades at $1.03, with a possibility of further declines. Yet, the surge in whale transactions presents a bullish counterbalance, potentially leading to an upward bounce.
The next ambitious goal for Cardano is breaking the $2 barrier, a feat that could still be realized by year-end assuming a general crypto market uptrend. Analysts at Changelly, however, offer a conservative year-end target price of $1.15 for ADA.
Despite this, Cardano has more than tripled its value in the past six weeks. Should the bulls maintain support above $1, the momentum towards the $2 mark could resume swiftly.