- ADA whales bought over 100 million tokens in a day.
- A technical indicator displayed a bearish crossover, hinting at a price drop to $1.
After a week of double-digit price gains, Cardano [ADA] seems to have entered a consolidation phase. In the meantime, the big-pocketed players took the opportunity to play their cards. Will this push be enough to turn ADA volatile again?
Cardano whales are stockpiling!
ADA registered more than a 13% price rise in the last seven days. Thanks to that, around 3 million ADA addresses were “in money,” which accounted for more than 72% of the total number of ADA addresses.
However, the upward momentum declined in the past few days—a clear indication of consolidation. In fact, the token’s price moved marginally down in the last 24 hours.
At press time, Cardano was trading at $1.19 with a market capitalization of over $41.9 billion, making it the 8th largest crypto.
While ADA’s price volatility dropped, whales chose to use the opportunity to accumulate more tokens. Ali Martinez, a popular crypto analyst, recently posted a tweet, revealing that Cardano whales bought over 100 million ADA in the last 24 hours!
Source: X
Not only whales, but investors at large also considered buying Cardano. The buy volume metric reached 100 and 73 on the 3rd of December, showcasing high buying activity.
For starters, a number closer to 100 indicates that buying pressure is high. Nonetheless, it should also be mentioned that the buying sentiment declined in the following days as the metric dropped to 6.6 on the 5th of December.
Source: Hyblock Capital
Apart from high whale activity, the blockchain also reached a significant milestone of late. Hydra, Cardano’s scaling solution, processed more than 2 billion transactions in just 4 hours. This allowed Cardano to surpass the global giant Visa’s daily volume.
Will ADA turn volatile now?
To see whether these achievements and milestones will allow ADA to lift its price, AMBCrypto assessed the token’s on-chain metrics.
We found that while ADA’s price went sideways, its trading volume declined. This meant that investors were not actively trading the token.
ADA’s MVRV ratio registered a sharp decline and dropped to 37%. The token’s velocity also dipped, meaning that ADA was used less often in transactions within a set timeframe. These metrics suggested a possible trend reversal in the coming days.
Source: Santiment
Read Cardano [ADA] Price Prediction 2024-2025
Cardano’s daily chart pointed out that the token was moving within the $1—$1.2 range. The technical indicator MACD displayed a bearish crossover.
This indicated a possible price drop, which could PUSH ADA towards its $1 support before it begins a new bull rally.
Source: TradingView
