424 Whale Wallets Sweeping Up Cardano...Is a 1,900% Surge Scenario Becoming Reality?

▲ Cardano (ADA)/ChatGPT Generated Image

Cardano (ADA) whales have aggressively accumulated hundreds of millions of dollars worth of assets during the downturn, reaching a technical tipping point for a price surge.

According to crypto media outlet Bitcoinist on April 17 (local time), Cardano is building strong upward momentum, driven by the recovery of Bitcoin (BTC) and Ethereum (ETH). The price rose by about 5% from the previous day, reclaiming the $0.25 mark. Cardano's price increase is not just a simple rebound but a result of massive capital inflow. Trading volume surged by over 9% during the same period, reflecting high market interest.

On-chain data reveals aggressive buying by whales holding large capital. The number of wallets holding over 10 million ADA increased by 5.2% in the last 9 weeks, reaching a 4-month high of 424. Whales collectively hold 4.24 billion ADA, and notably, they accumulated an additional 819 million ADA during this price correction alone. This amounts to a staggering $214 million. Crypto analyst Mintern analyzed that the continuous expansion of wallets by high-net-worth investors is a precursor to a strong bull market.

Technical indicators suggest that Cardano has reached a critical juncture that will determine its fate. Crypto analyst Ali Chartz identified the $0.243 mark as a key point that will determine the success or failure of the price. Currently, Cardano appears to be consolidating an upward trend by breaking above $0.25. If it firmly secures the $0.285 resistance level, a global trend reversal will officially begin. Conversely, if the $0.243 support level breaks, short-term downward pressure could intensify.

Technological advancements within the ecosystem are also fueling the price increase. The Van Rossem hard fork, scheduled for late April, is expected to maximize smart contract efficiency and network scalability. Preparations for the launch of the Midnight mainnet, which enhances privacy features, are also in their final stages. With the inflow of an $80 million Draper Fund, the qualitative growth of the decentralized finance ecosystem is also accelerating. Favorable news and large-scale capital inflows are coinciding.

Cardano has confirmed a solid bottom and is accumulating energy for a massive rally. Whales' accumulation price is established between $0.24 and $0.25, indicating very strong downside protection. The cumulative number of mainnet transactions recently exceeded 120 million, reaching peak network utilization. Increased network utilization and the whales' strong support level are expected to critically influence Cardano's future trajectory.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*