In the long term, the Cardano price appears to be in the middle of a parabolic recovery, aiming to form a new ATH at the neckline of the curve. Besides, the technical analysis suggests the rally may encounter some bearish action in the coming days. However, the whales appear to have smelt some bullish signals as they have begun to accumulate more ADA tokens.
Ever since the beginning of December 2023, the markets have actively responded, with the prices of the majority of the tokens favouring the bulls. The increasing buying pressure appears to have engulfed the bearish action that had been extracting minor profits. This caused a small diversion of attention among the market participants, and as a result, the whales accumulated ADA at a discounted price.
As per the data shared by a popular analyst, Ali, the addresses holding tokens between 100K and 10M have been constantly accumulating ADA tokens, regardless of the price trading towards the south. This suggests that they could have smelt a probable bullish action shortly and hence intensified their accumulation. In the last two weeks, the whales have increased their accumulation from around 5.85 billion to as high as 5.77 billion, while the price kept plunging from over $0.664 to the current levels of around $0.562.
What’s Next for the ADA Price?
The ADA price has been maintaining an ascending trend since mid-October, which surged by nearly 180%, marking the 2023 highs at around $0.67. Ever since then, the price has been trading within a very narrow margin, suggesting a strong rebound could be on the horizon. The Cardano price may trigger a healthy upswing, regain levels above $0.64 in the next few days, and reach $0.65 by the end of the month.