Cardano is preparing for a surge in price as whales in the crypto market seek to accumulate large quantities of ADA at discounted prices. An interesting trend has been identified by crypto analyst Ali, indicating that a price rally is imminent for this altcoin.
On-chain data reveals that there is renewed interest from whales in Cardano, which currently ranks 9th among cryptocurrencies. This could be attributed to the recent drop in price, which has encouraged investors to reinvest. The current discount prices present a lucrative opportunity for smart investors to invest and make quick profits.
As of now, ADA is trading at $0.54, experiencing a 5% drop in the past 24 hours. This extends the altcoin’s weekly loss to nearly 13%. While retail investors tend to panic after significant price changes, large investors often take advantage of low prices to accumulate more before the next breakout occurs.
Data shared by crypto analyst Ali indicates that large accounts have consistently been accumulating substantial amounts of ADA. These accounts, which hold between 100K and 10M ADA, have intensified their accumulation from 5.85 billion to as high as 5.77 billion. Notably, this accumulation has occurred while ADA prices have fallen from $0.664 to the current levels of around $0.54.
“In the last two weeks, Cardano whales bought over 14 million ADA, worth around $8.40 million!” notes the analyst. Earlier this week, CNF reported on record volumes posted by Cardano, further emphasizing the growing interest in the altcoin.
Data from Coinglass reveals a significant increase in turnover metric, soaring to a staggering $631.41 million, representing a 49.07% increase. The involvement of whales not only signals positive sentiments around ADA but also indicates that there are fewer coins in circulation, which can have a positive impact on prices.
The analyst predicts that this trend of whale accumulation will continue until July 2024, with the possibility of a breakout in December. If ADA can maintain its upward trajectory supported by whales, it has the potential to surpass $0.80 and even reach the $1 mark. Investors are optimistic that ADA can eventually revisit its all-time high of $3.09 achieved two years ago.
Cardano has been compared to Amazon stock, with the altcoin’s market conditions resembling the early years of Amazon. Similar to Amazon’s focus on building the ultimate platform, Cardano is taking a similar approach. Acquiring ADA at this stage is seen as equivalent to buying Amazon stock in 2001 when it was priced at $0.30. Currently, Amazon is trading at $144.
In conclusion, Cardano is poised for a price rally fueled by whale accumulation and discounted prices. This altcoin shows strong potential for growth and has similarities to the early stages of Amazon’s success. Acquiring ADA now could yield significant returns in the future.
