ADA Whales Trigger Double-Digit Gains

Cardano’s price has rallied nearly 15% over the past seven days. This upward trend is driven by increased accumulation activity from its large investors, commonly known as “whales.”

ADA’s double-digit gains have put it ahead of leading cryptocurrencies like BTC and ETH, which have remained largely range-bound. A strengthening bullish bias positions ADA to sustain this uptrend.

Cardano Whales Drive Price Rally

Santiment data shows that ADA whales holding between 10,000,000 and 100,000,000 coins collectively bought 60 million ADA, worth over $58 million, in the past seven days. As of this writing, this group of ADA investors holds 12.21 billion coins, marking their highest level in the past 30 days.

When whales increase their accumulation of an asset, it is a bullish signal, signaling strong market confidence. This trend often encourages retail investors to follow suit, reducing the asset’s supply on exchanges and driving up its value.

On-chain data links the spike in whale accumulation to ADA’s current undervaluation, as indicated by its negative Market Value to Realized Value (MVRV) ratio across multiple moving averages.

This metric, which assesses whether an asset is overvalued or undervalued relative to its holders’ average cost basis, signals a buying opportunity.

A negative MVRV ratio, as seen with Cardano, suggests undervaluation, attracting ADA whales expecting a price recovery.

ADA Price Prediction: Key Support Level To Watch

ADA trades slightly above the support formed at $0.94 on the daily chart. If whales continue accumulating, they will maintain this support level, anchoring a return above $1.

However, if the bulls fail to defend this key support, it will drive ADA’s price down to $0.85, invalidating this bullish projection.