Analysts are optimistic about the Cardano; the whales have also accumulated a large percentage of ADA in the last 30 days.
Blockchain analytics firm Intotheblock declared in a May 15 post on X that the whales holding Cardano between 100 million and 1 billion ADA have increased their balances by 11% in the last month. This particular group now possesses 6.71% of the total ADA supply.
Cardano whales holding between 100m and 1b $ADA have added 11% to their balances over the past 30 days.
— IntoTheBlock (@intotheblock) May 15, 2024
This group now holds 6.71% of the entire $ADA supply. pic.twitter.com/nSe4lXE96R
Whales accumulating the Cardano in large quantities demonstrates a higher probability of growth and updates in the ADA blockchain.
Will Cardano Show The Big Moves?
Javon Marks, a renowned crypto analyst, has suggested that there could be a 1500% increase in the coming days. He thinks the token has made significant progress after breaking the resistance trend.
Consequently, ADA may soon experience a 222% surge, pushing its value to $2.7709 before setting its sights on an even higher target of $7.80 with a 1500% increase.
$ADA (Cardano) and a 15X
— JAVON⚡️MARKS (@JavonTM1) May 10, 2024
Prices of ADA showed major progress since breaking the resisting trend, climbing roughly +222% towards its first target at $2.7709 and the recent pullback could be strengthening them for even more climbing!
With this breakout holding, another +462%… https://t.co/r5qOA2trtV pic.twitter.com/lQAzOo8krF
The challenge lies in the surge to $2.7709 from its current value. Once the Cardano price reaches this target, a 460% increase will drive it toward the next target.
Importantly, Javon’s analysis was not only based on current factors but also took historical evidence into account, adding credibility to this prediction.
Is Cardano Price Breaking Out from the Descending Triangle?
The Cardano cryptocurrency has been experiencing bearish trends since mid-March 2024, with a decrease of over 20% from the $0.530 resistance level.
The sellers are losing momentum at press time as the price has broken out above the descending triangle pattern. According to technical analysis, there may be further price increases if the current pattern holds.
At the time of writing, the immediate support for ADA’s price was $0.3992, and the next resistance was at $0.6254. If the price surpasses the upper resistance level, it could lead to a rise in price. Conversely, a drop below the mentioned support could result in a price pullback to lower support levels.
Summary
Whales holding Cardano between 100 million and 1 billion ADA have increased their balances by 11% in the last month, now possessing 6.71% of the total ADA supply. Crypto analyst Javon Marks suggests a potential 1500% increase in the value of ADA, with a predicted surge to $2.7709 and a higher target of $7.80. Meanwhile, Intotheblock reported increasing whales’ activity, showcasing bullishness in the crypto.
Disclaimer
The research given in this article is for informative and educational use only. Do not take this information as a financial or trading recommendation. Trading and investing have financial risks. Before creating any investment or trading decision, please consider your risk profile and circumstances.
