ADA, the native token of the Cardano blockchain, has been gaining traction in the cryptocurrency market amidst a broader recovery from the price slump experienced in December 2024. The recent surge in market activity has garnered attention from crypto enthusiasts, leading to a significant accumulation of ADA tokens by whales.
A prominent crypto expert recently disclosed on social media that whales have acquired over 40 million ADA tokens from exchanges within a 48-hour period. This substantial accumulation suggests that whales began buying after ADA broke out from a consolidation zone on the daily timeframe, signaling a potential buying opportunity for retail investors. Following this accumulation, ADA witnessed a notable 16% increase in price.
Despite the positive momentum, rumors of a healthcare crisis in China and general market uncertainty have caused ADA to struggle in terms of price stability. Currently trading around $1.07, ADA has seen a slight decline of over 2.1% in the past 24 hours, accompanied by a significant drop in trading volume, indicating lower participation and heightened fear among traders.
On the technical analysis front, ADA appears bullish and primed for further gains. The altcoin has surged by 32% in the last three days and is currently undergoing a correction phase before potentially continuing its upward trajectory. Expert predictions suggest that if ADA manages to hold above the $1 mark, it could see a 25% increase to reach $1.32 in the near future.
Looking ahead, market sentiment remains positive as the upcoming inauguration of the United States President-elect Donald Trump on January 20, 2025, could have a substantial impact on ADA’s price. Despite potential short-term corrections, ADA’s long-term outlook appears promising, with the possibility of significant price appreciation in the coming days.
In conclusion, ADA’s recent performance and accumulation by whales indicate a growing interest in the token and the Cardano blockchain. With ongoing market dynamics and external factors shaping its price trajectory, ADA stands poised for further growth and potential price appreciation in the near future.