Those paying close attention to the cryptocurrency market might have noticed that Cardano (ADA) is making incredible moves. The altcoin is attracting the interest of traders and investors alike, a development that is confirmed today by data reported by market analyst Ali Martinez.
Whales resume accumulating ADA
According to the data, crypto whales have purchased more than $40 million ADA tokens in the last 48 hours, an indicator of strong investor interest. This ongoing acquisition frenzy suggests that whales and forward-looking traders are increasingly positioning themselves in Cardano’s market for further price gains.
Recently, ADA has been on an uptrend, which attracts investors, especially whales. The asset is under the buyers’ radar, signaling that the broader cryptocurrency market is heating up again. Especially altcoins are leading the charge as funds increasingly flow into these alternative markets. This interesting development is an indicator that astute investors are targeting small-cap tokens with growth potential.
Cardano’s resurgence suggests that the altcoin season is gaining momentum, as confirmed by investors pumping capital into alternative crypto assets.
ADA targeting class="wp-block-heading" mark
ADA is displaying early indicators of strength with a clear upturn and growing interest. While today its price recorded a 0.8% decline, placing its current value at $0.7897, the token has been pushing a market rally for several weeks now. Its price has been up 12.85%, 12.9%, and 25.5% over the past seven days, two weeks, and one month, respectively. These figures make Cardano one of the high-performing altcoins during this recovery period. This rise is attracting interest from both traders and whales who see it bouncing back as a potential performer.
ADA is currently trading in an ascending triangle pattern, a bullish formation showing that the asset is likely to continue its existing uptrend. Together with continued business partnerships, this bullish pattern suggests that the asset is preparing the break the resistance levels of $0.815 and $0.841 in the coming days, targeting to surpass the $1 mark soon.
