Key Takeaways:
- Cardano whales and sharks have accumulated 1.41 billion ADA, driving a 107% price surge.
- Historical patterns suggest ADA might be gearing up for a parabolic rally.
- Technical analysis hints at a new all-time high fueled by impulsive wave structures.
Cardano (ADA) is back in the spotlight, with notable movements in the market suggesting a potential breakout. Blockchain analytics firm Santiment reported that wallets holding at least 1 million ADA have been in an accumulation phase for over 15 months.
Since November 2023, these wallets have added 1.41 billion ADA, accounting for 2.35% of the total supply. This sustained activity has coincided with a notable 107% price increase, highlighting the influence of whale and shark wallets on the market.
The broader crypto market has seen retracements, yet Cardano has managed an 11% recovery in market capitalization, defying trends. With such consistent accumulation during periods of volatility, the stage could be set for ADA’s next significant move.
Cardano’s Historical Patterns Signal Bullish Momentum
In an X post, Ali, a well-known cryptocurrency figure, suggested that Cardano might be repeating its historical price trajectory from 2020-2021, albeit at a slower pace.
Given the similarities in market patterns, he noted that this could lead to a parabolic rally. This perspective resonates with the idea that history often rhymes in cryptocurrency markets, where long-term accumulation phases can spark explosive growth.
The Cardano ecosystem has also seen consistent development, adding to investors’ confidence in its future potential. The combination of strong technical setups and whale behavior creates a compelling narrative for ADA’s potential breakout.
Technical Patterns Point to New All-Time Highs
The analysis for Cardano is evidence of a bullish outlook. An analyst, Mr. Brownstone, showed in a detailed chart, a perfect example of Elliott Wave Theory EWT. He believes that, at the moment, ADA is building a wave structure that is bullish and can take the token to never before seen levels. Patterns such as Bull Flags and Cup & Handle formations also support the idea of a renewed continuation of the rally.
Brownstone noted the existence of the impulsive wave on a bigger wave structure, and he suggests that this phase will exceed all previous rallies in Cardano history. This wave, upon confirmation, can increase the value of ADA within a short period of time to new all time highs.
These whale accumulation combined with the other historical patterns and technical setups, it seems Cardano to be ready for a major breakout. Investors and traders will be keeping an eye to see if the stars align for this leading altcoin.
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