Cardano Whales Scoop Up 70 Milion ADA, $1.13 Next?
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ADA, the native token of the Cardano blockchain, appears bullish as whales and institutions have begun accumulating the token, potentially hinting at an upcoming rally. Today, February 13, 2025, a prominent crypto expert shared a post on X (previously Twitter), stating that crypto whales have moved over 70 million ADA tokens from exchanges in the past four trading days.
Whales and Investors Bet Big on ADA
This substantial withdrawal of tokens comes alongside a rising asset price. Data from TradingView shows that ADA has witnessed a notable 20% upside rally, suggesting that the accumulation of ADA tokens by crypto whales might be driving the recent gains.
Besides this, investors and long-term holders have also been accumulating the tokens, as reported by the on-chain analytics firm Coinglass. Data from spot inflow/outflow reveals that exchanges have witnessed an outflow of $11.75 million worth of ADA tokens in the past 48 hours, indicating potential accumulation that could create buying pressure and further upside momentum.
However, the market has witnessed this outflow during a period when ADA has approached a crucial resistance level of $0.85.
ADA’s Major Liquidation Levels
Besides this, intraday traders also appear bullish. Data shows that traders’ bets on the long side are notably higher than on the short side.
At press time, the major liquidation level on the lower side is $0.76, where traders holding long positions believe that ADA’s price won’t fall below this level and have built $8.75 million worth of long positions. Meanwhile, bearish traders are over-leveraged at $0.796, where they hold $6.75 million worth of short positions.
These liquidation levels will be triggered if the price moves in either direction.
Cardano (ADA) Technical Analysis and Upcoming Levels
According to expert technical analysis, ADA appears bullish but is currently facing mild resistance, creating a hurdle for the asset to soar. Based on recent price action and historical patterns, if ADA successfully breaches the resistance level and closes a daily candle above $0.85, there is a strong possibility it could surge by 33% to reach $1.13 in the future.
ADA is currently trading near $0.789 and has experienced a modest price surge of over 2.35% in the past 24 hours. However, during the same period, its trading volume dropped by 40%, indicating lower participation from traders and investors compared to the previous day.
