ADA, the native token of the Cardano blockchain, has been attracting attention in the crypto market as it continues to recover from a significant price decline in December 2024. This recovery has sparked interest among crypto enthusiasts, leading to a surge in the accumulation of ADA tokens.
One recent development that has caught the eye of many in the crypto community is the accumulation of over 40 million ADA tokens by whales in just 48 hours. A prominent crypto expert shared this information on social media, highlighting the whales’ strategic move to accumulate ADA after the altcoin broke out from a consolidation zone on the daily timeframe. The expert’s report suggested that this accumulation could present a buying opportunity for retail investors, with ADA experiencing a notable 16% upside momentum following the whales’ purchase.
Despite the positive momentum, ADA has faced some challenges in recent days. Rumors of a healthcare crisis in China and a general market correction have contributed to a slight price decline, with ADA currently trading near $1.07 and experiencing a 2.1% drop in the past 24 hours. The trading volume has also decreased by over 50%, indicating lower participation and heightened fear among traders and investors.
However, technical analysis suggests that ADA remains bullish and poised for further gains. The altcoin has already surged by 32% in the past three days and is currently undergoing a correction phase before potentially continuing its upward trajectory. Chart analysis indicates that if ADA can hold above the $1 mark, it could see a 25% increase to reach the $1.32 level in the near future.
Looking ahead, market sentiment remains positive as the upcoming inauguration of United States President-elect Donald Trump on January 20, 2025, could have a significant impact on ADA’s price. As the crypto market continues to evolve, ADA’s performance will be closely monitored by investors and enthusiasts alike.