Cardano Breaks Resistance Levels, Fueled by Whale Interest

Cardano (ADA) has shown a clear divergence from the broader altcoin market, spurred by a rise in whale activity and transaction volume. On-chain data reveals ADA’s transaction volume hit $52.26 billion this week, marking a seven-month high. Meanwhile, whale transactions exceeding $100,000 surpassed 8,900 for the second consecutive week, reaching a six-month peak. These metrics point to intensified accumulation by large holders, driving ADA’s momentum.  

ADA Surges Past Key Resistance Levels

ADA’s price has risen to around $0.83, breaking critical resistance levels. The token now approaches its eight-month high against Bitcoin, a level unseen since June. Historically, similar spikes in whale activity preceded a 26% surge in the ADA/BTC pairing, making this development noteworthy.  

Related article: Cardano Rallies as Founder Charles Hoskinson Pledges to Engage with Lawmakers in Washington, D.C.

Technical analysis supports ADA’s bullish run. A surge in volume has propelled the token above its moving averages, signaling strength. Although the Relative Strength Index (RSI) edges toward overbought territory, its upward trend suggests that bullish momentum remains strong.  

Support Levels Offer Stability  

Key support zones at $0.56 and $0.44 could stabilize ADA during potential pullbacks. These levels have previously attracted substantial buying activity, positioning them as potential accumulation points for investors.  

_{Source: CoinMarketCap}

A decisive break above $0.85 could open the door to a rally toward the psychological $1.00 level. Current whale activity and transaction metrics strongly indicate such a move is likely.  

Cardano’s decoupling from the altcoin market, coupled with growing whale activity, suggests continued growth. Investors should closely monitor transaction volumes and large trades to gauge ADA’s next move. 

If the trend holds, ADA could emerge as one of the market’s top-performing assets in the near term.