Cardano Whales Accumulate $100M in ADA—Could the Token Hit $3 Soon

Key Insights

• Cardano is navigating the current crypto market with relative ease.
• The cryptocurrency has a current price of around $0.997 and is attempting to break through $1.
• The whales have been accumulating billions of $ADA lately, according to IntoTheBlock.
• Predictions show that a push towards the $3 mark could be incoming.
• CoinCodex predictions show that Cardano could be ready to hit the $5 mark by August of this year.

Cardano continues to navigate through the market, especially with the ongoing volatility waves.

So far, the whales are seizing the opportunity to accumulate millions of dollars worth of Cardano just as prices consolidate.

This trend, of course, could translate into a rally just like the one investors saw in the previous bull run, and here are all the reasons Cardano could be looking at a jump towards $3.

$100 Million in ADA Accumulated in Two Days

One interesting thing about Cardano is the behavior of the whales over the last two days.

According to data from IntoTheBlock, the whales have transacted with Cardano over the last 24 hours, moving a staggering 8.69 billion $ADA within this timeframe.

The last 7 days has also seen this cohort of investors moving 10.27 billion $ADA around, wit most of this action occurring between 21 and 22 January.

This activity on the Cardano network shows that the whales are significantly confident in the cryptocurrency’s  price performance, even despite its previous dip below the $1 mark.

The cryptocurrency currently trades at around the $0.997 price level, and is attempting to break above the $1 mark.

However, this buying spree could do much to improve its prices and drive the numbers up over the coming weeks.

Historical Patterns Show A $3 Target

Cardano’s price movement shows an incoming rally, similar to its price action in the last bull run.

The 4-hour chart shows a symmetric triangle formation on Cardano, with the cryptocurrency attempting to break above (or below) as shown.

The RSI on the daily chart shows a reading just above the neutral zone, indicating that the bulls might have the upper hand.

Furthermore, the cryptocurrency’s price is also held up by the 200-day EMA, which acts as a dynamic support around $0.9955.

This said, the symmetric triangle is a neutral formation that could result in a break above or below.

However, Cardano is more likely to break above, especially with its RSI reading, its position above the 200-day EMA and its recent breakout above the range between $0.30 and $0.73.

According to the Fibonacci retracement tool applied to the daily chart, Cardano has a fair chance at rallying further upwards and hitting its next major resistance around $1.31.

If this price level gives way, Cardano could continue towards the next resistance levels around $1.62, $1.93 and $2.31.

If the bulls manage to break through all of these resistances with relative ease, Cardano will ultimately end up between the $2.9 and $3 price level, where the bears will likely be waiting.

If Cardano successfully scales these hurdles, it could continue further upwards toward the $5 price level if the bulls maintain their momentum.

The above outlook is supported by predictions from CoinCodex, which shows that Cardano is likely to hit a yearly peak of around $5.09 sometime in August.