Cardano (ADA) is experiencing renewed investor interest, fueled by recent whale accumulation signals that suggest a potential breakout and price surge. Over the past few weeks, ADA has seen increasing buying activity from deep-pocketed investors. This resurgence has propelled ADA above $0.80, its key support level after a bounceback following a period of decline.
Notable developments include an impactful short liquidations event on May 8th that marked a significant breakout for Cardano. This event further solidified the momentum behind ADA’s upward trend.
The current price action is supported by both technical and on-chain indicators, including sustained bullish momentum from the rising 20-day and 50-day moving averages. As whales continue to accumulate ADA, their actions are signaling a potential shift in market dynamics that could propel ADA prices towards new highs.
On-chain data suggests a mixed picture of whale behavior, with large holders accumulating more than before. While some groups have been buying heavily, others seem to be cautious or holding back. Retail investors remain active as well, contributing to the overall bullish sentiment in Cardano’s ecosystem.
Despite this positive trend, on-chain activity has slowed recently. However, a sustained support above the $0.75-$0.80 range suggests that ADA bulls are actively defending their position.
Technical analysis paints an optimistic picture with price levels exceeding key support and indicating potential for further growth, as suggested by bullish indicators like OBV and MACD. Notably, the RSI is still at a level below 60, which signals potential room for upward movement before becoming overbought.