Cardano Whales Keep Buying, Is ADA Poised to Hit $1.5 Next? | BinanX News

TL:DR;

• Cardano’s native token continues to be in high demand from whales, with another massive accumulation over the past day.
• These large purchases could lead to price increases for the underlying asset, which is expected to continue its run and reach $1.5 next.

Current ADA Enforcement

The so-called ‘Trump Pump’ initially bypassed the ADA. While the rest of the market, led by BTC and DOGE, posted massive gains, the Cardano token remained relatively quiet at around $0.3. That all changed during the first weekend after the election, when IOG founder Charles Hoskinson said he would work alongside the Trump administration to establish crypto regulations in the United States.

ADA immediately shot up by double digits and continued to rise in the following weeks amid the overall market resurgence as well as other big signs from Hoskinson.

The cryptocurrency’s rise culminated on December 3, when it jumped to just over $1.3 for the first time in nearly three years. However, since then, ADA has retreated slightly to $1.2 after an 8% correction. Now the question arises as to what would push the asset further north and whether it will be able to achieve some of the big predictions made by analysts, including a price of up to $6.

Whales in motion

Crypto whales tend to impact the market due to their ability to buy or download large portions of a certain asset. Consequently, its behavior could determine the next price movements of a token. Recall that Cardano whales accumulated 130 million coins during the pullback at the end of November and the price of the asset jumped in the following days from $0.9 to the aforementioned peak of $1.3.

Popular analyst Ali described another massive purchase by these large investors for over 100 million ADA in the span of 24 hours.

#cardano whales bought more than 100 million $ADA in the last 24 hours! pic.twitter.com/IrZjA54tGy

—Ali (@ali_charts) December 5, 2024

This could lead to even bigger gains for ADA, as many experts have predicted that its next target is precisely $1.5, which means another 25% increase from its current levels. There, for example, believe The asset has formed an “ascending triangle like it was taken out of a textbook” that could take it to that goal.