Cardano Whale Holdings Surge: ADA Eyes $1

Vignesh Karunanidhi
Cardano Looks Bullish As Bitcoin Halving Approaches, Can ADA Hit $1?
Source: Crypto News

Cardano (ADA) is on the cusp of a potential breakout. The token has been facing resistance at the crucial $0.75 level, which has acted as a strong support base for a healthy upswing. Now, ADA has breached that level and is trading at $0.7672.

With growing optimism among whales and retail traders, Cardano appears to be gearing up for a significant price movement in the coming days.

According to recent data, since the last few days of February, the top 100 addresses have steadily increased their supply. Moreover, the supply in the top 1% of addresses has witnessed a steep upswing in the past couple of days, indicating a substantial accumulation by whales.

This 2.25% rise in a single day, amounting to approximately 60 million ADA tokens, signifies that whales are anticipating bullish opportunities in the near future.

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Cardano’s Path to $1

Since the beginning of the month, the ADA price has been consolidating closely within the $0.75 range. This consolidation may indicate that bulls are gathering strength for a potential breakout above the interim threshold of $0.8. From a longer-term perspective, Cardano remains under strong bullish influence, following a bullish pattern that could propel the token to the $1 milestone at any time during March 2024.

Source: CoinGecko

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The weekly chart of the ADA price reveals that the token is on track to surpass the key resistance level at $0.98, paving the way for a move towards the major resistance zone between $1.187 and $1.24. 

Furthermore, the Relative Strength Index (RSI) remains within the bullish range, indicating growing strength among the bulls. This technical setup, combined with the increasing accumulation by whales and retail investors, bolsters the possibility of Cardano (ADA) achieving the $1 target within the month.