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12 October, 2024

Cardano Whales Make a Big Move: Is ADA Poised for a $0.5 Rally?

12 October, 2024

Cardano Whales Make a Big Move: Is ADA Poised for a $0.5 Rally?

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The crypto world is buzzing after a massive surge in Cardano (ADA) whale activity. In a single day, these large ADA holders moved a staggering $6 billion worth of the cryptocurrency, sending ripples through the market and sparking renewed optimism for the ADA price.

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ADA’s recent price action has been a mixed bag. While the coin started the week on a bearish note, it has since rebounded, gaining nearly 4% in the past 24 hours. This turnaround comes after a week of downward pressure that saw ADA’s price drop by 9.5% to a low of $0.33260.

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The surge in whale activity, however, is a clear sign of confidence in the Cardano ecosystem. Data from IntoTheBlock reveals that over the past seven days, whale transactions (those exceeding $100,000) have reached an impressive $24.18 billion. This is a significant jump from the previous week, with a whopping $6 billion moved on October 11th alone.

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This renewed whale interest seems to be linked to the ongoing developments within the Cardano ecosystem. InputOutput, the company behind Cardano, reports that the platform remains a major hub for blockchain developers, particularly after the recent node upgrades to v.9.2.0 and v.9.2.1. By the end of September, there were 1,376 active projects being built on Cardano, highlighting its growing popularity among innovators.

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Despite the recent price downturn, Cardano’s creator, Charles Hoskinson, has reassured investors, emphasizing that the project continues to grow despite negative sentiment on social media. He has also criticized other crypto ecosystems, highlighting Cardano’s commitment to true decentralization.

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While the recent whale activity is a positive sign, it’s important to note that ADA’s price action is still volatile. However, the recent uptick in whale activity could signal the beginning of a more sustained rally. The first target for ADA is a break above $0.40, followed by a move back towards $0.50.

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With the Cardano ecosystem thriving and whale activity surging, it remains to be seen if ADA can sustain its momentum and achieve its price targets. However, the signs are certainly positive, suggesting that Cardano could be a strong contender in the evolving cryptocurrency landscape.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute financial advice. Investing in cryptocurrencies carries inherent risks, and it is important to conduct thorough research and due diligence before making any investment decisions.