Cardano (ADA) whales bought over 420 million ADA in April, worth around $289 million. These large wallets hold between 10 million and 100 million ADA, and their total holdings rose from 12.47 billion ADA to 12.89 billion ADA, according to data from Santiment.
Meanwhile, Cardano’s price has been struggling to break out of a key level for the past 5 weeks. Right now, ADA is stuck under the $0.70 level and has not yet been able to move higher despite whales buying heavily into the token.
At the time of writing, Cardano is trading at $0.67, slightly under the $0.70 support it was holding earlier in the week. The coin briefly touched $0.74 but dropped back, keeping it stuck in a tight trading zone.
If Cardano breaks above $0.74, it could start a new uptrend and push toward $0.80. But for now, that breakout has not happened. The coin needs a strong momentum to leave the current range and start gaining.
The Relative Strength Index (RSI) on the daily chart shows that ADA is now in the positive zone and near a two-month high, according to TradingView. That means buyers are getting stronger, and the trend could be shifting.
If the price drops below $0.66, it could make investors spectacle to buy more. A fall below this level might send ADA down to $0.60, which would weaken the current optimistic view and change the expectation for a bullish trend.
Whales are often trendsetters in crypto. Continuous buying by them means that they think Cardano has long-term value. Their behavior also affects others’ sentiments towards the coin, especially when the general market is looking for leads.
Also Read: Cardano Founder Charles Hoskinson Says ADA Could Reach $10
