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Cardano price he just refused approximately the price level of $1.1. Notably, the past three months have been highlighted by Cardano’s spectacular surge that saw it drop above $1 for the first time since early 2022 and reach $1.3 on December 3, 2024.
Although Cardano has managed to hold above the $1 mark since then, the price action in the last 24 hours has been highlighted by a 3.77% drop alongside the rest of the crypto market. However, on-chain data shows that the decline has been constant given crypto whales another chance doubling in their holdings.
Surge in Whale Transactions Shows Continued Confidence in Cardano
The increase in whale activity on the Cardano network has brought another spirit of accumulation among the group of owners, and prominent crypto analyst Ali Martinez. highlighting the development in the social media X. Martinez noted that 687 transactions with a value of at least $ 1 million were recorded during the last 24 hours, which points to increased interest from large investors.
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According to data from on-chain analytics platform Santiment, this increase in activity is particularly notable, as whaling activity has been declining since early December. In particular, Cardano’s whale activity decreased from about 894 transactions on December 2, just before reaching the current 2024 high of $1.3, to about 240 transactions between December 8 and December 12.
Whale activity is one of the biggest indicators of a network’s performance and its price outlook. While the whale activity could also point to whales leaving their habitats, current market sentiment points to accumulation instead. In addition, increased whale activity is an indication of continued confidence in the cryptocurrency’s price outlook.
The Road to $2: What’s Next for Cardano?
As it stands, the recent rejection at $1.11 saw Cardano’s price decline retesting support at $1. At the time of writing, Cardano (ADA) is trading at $1.03, although there is still a risk of further decline.
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However, the increase in whale transactions is one bullish sign that could send the cryptocurrency soaring due to its counter-action against selling pressure.
The next target is the final break above the $2 level, which may still be achieved before the end of the year. Reaching 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, crypto analysts at Changelly presented a cautious view on ADA’s year-end price of $1.15.
Still, Cardano has more than tripled in value in the last six weeks and it’s possible resume this momentum anytime soon at $2 if the bulls can continue to hold above the $1 mark.
The featured image was created with Dall.E, a chart from Tradingview.com
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