Cardano (ADA) Price Eyes $1 as Whales Make This Surprise $14M Move

Insights:

• Cardano (ADA) price smashed through the $0.45 resistance on Thursday as the bulls finally reclaimed a new 2023 peak. 
• A strategic group of crypto whales was spotted buying 30 million ADA coins (~$13.5 million) in the last 72 hours. 
• Historical accumulation patterns among current ADA holders suggest that the $0.49 area could be the next significant resistance.

Cardano (ADA) price smashed through the $0.45 resistance bringing its year-to-date gains to 78%. On-chain data movements show that a strategic group of crypto whales was spotted buying 30 million ADA coins (~$13.5 million) this week. Can it propel ADA price toward the $0.50 mark? 

Crypto Whales Bought ADA Worth $13.5 Million in This Week

Cardano price has gained momentum this week, after smashing the $0.40 resistance Monday, for the first time since April. On-chain data reveals that a group of bullish whales buying large amounts of ADA have been pivotal to the rally. 

As depicted in the Santiment chart below, the whales (wallets holding 10 million to 1 billion ADA), had a cumulative balance of 14.64 billion ADA coins as of Sunday, December 2.

But remarkably, they have since acquired an additional 30 million ADA, bringing their balances to 14.67 million at press time Thursday, December 7. 

Valued at the current prices of $0.45 per ADA coin, the recent accumulation is worth approximately $15 million. 

The Whales Wallet Balances metric tracks the real-time changes in the balances held by large corporate entities and high-net worth investors. The chart above clearly illustrates that Cardano whales have made a surprise move to acquire $13.5 million worth of ADA right in the middle of the market rally. 

When whales increase their holdings during a price rally, it typically indicates that they are gunning for more gains rather than take profits at the current prices. This could suggest that the sentiment among large investors is that ADA is still far from hitting a local top.

Also, importantly, the chart above clearly illustrates how historical ADA price movement has been closely aligned to the buying/selling trends of this particular cohort of Cardano whales. 

Hence, if this pattern repeats, ADA price will likely enter another leg-up toward the $0.50 area in the days ahead. 

Cardano ADA Price Forecast: Breaking $0.50 Could trigger Rally Toward $1

Having broken above the $0.45 territory, the $15 million acquisition by the strategic Cardano whales this week, could intensify the bullish momentum surrounding ADA price. 

However, for the bulls to validate the $1 ADA price prediction, they must first breakdown the next significant psychological resistance level around $0.50

The Global In/Out of the Money (GIOM) data, which groups the current Bitcoin holders according to their entry prices.

It shows that  358,940 million current holders had bought 2.4 billion ADA around the minimum price of $0.49. Having held at a loss since April, these investors could now be tempted to book profits some profits. 

But if whales $15 million inflows intensifies the bullish momentum, it could effectively catapult Cardano price above $0.50 as predicted. 

On the downside, the bears could invalidate that positive prediction if Cardano price dips below $0.35. But, in that case, the 478,020 holders that bought 7.8 billion ADA at the average price of $0.38 could offer significant support. 

If they hold their position firmly, ADA price will likely avoid any major downswing in the short-term.