TL:DR;
- Cardano’s native token continues to see a lot of demand from whales, with another massive accumulation over the past day or so.
- These big purchases could lead to price increases for the underlying asset, which is predicted to continue its run and hit $1.5 next.
ADA’s Current Run
The so-called ‘Trump Pump’ initially missed ADA. While the rest of the market, led by BTC and DOGE, was charting massive gains, Cardano’s token remained relatively still at around $0.3. That all changed during the first weekend after the elections when IOG Founder Charles Hoskinson said he would work alongside the Trump administration to establish crypto regulations in the States.
ADA skyrocketed immediately by double-digits and kept climbing in the following weeks amid the overall resurgance in the market, as well as other big hints by Hoskinson.
The cryptocurrency’s ascent culminated on December 3, when it jumped to just over $1.3 for the first time in almost three years. Since then, though, ADA has retraced slightly to $1.2 after an 8% correction. The question now arises of what would push the asset further north and whether it can reach some of the big predictions made by analysts, including a price tag of up to $6.
Whales on the Move
Crypto whales tend to impact the market due to their ability to purchase or offload large portions of a certain asset. Consequently, their behavior could determine the upcoming price movements of a token. Recall that Cardano whales accumulated 130 million coins during the retracement at the end of November and the asset’s price jumped in the following days from $0.9 to the aforementioned peak of $1.3.
The popular analyst Ali outlined another massive purchase by these large investors for more than 100 million ADA within the span of 24 hours.
#Cardano whales bought over 100 million $ADA in the last 24 hours! pic.twitter.com/IrZjA54tGy
— Ali (@ali_charts) December 5, 2024
This could lead to even further gains for ADA, as many experts have predicted that its next target is precisely $1.5, which means another 25% surge from its current levels. Ali, for instance, believes the asset has formed an “ascending triangle like it was extracted from a textbook” that could drive ti to that target.
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