• Cardano whales accumulated over 140 million ADA in just one week, signaling strong market confidence.
• On-chain data shows major holders increased total holdings from 13.06 to 13.20 billion ADA.
• Analysts eye $0.74 as the next key resistance, with micro support between $0.635 and $0.685.

Cardano (ADA) is gaining momentum as whales are significantly spiking their holdings in a very short time, signaling renewed confidence. Analysts point to a considerable whale accumulation in a short time span, which indicates increased optimism. The market closely observes whether or not the ADA manages to breach major resistances.

At the time of writing, ADA is trading at $0.7025, with a 24-hour trading volume of $2.48 billion and a market capitalization of $25.17 billion. The price has risen 3.03% in the last 24 hours, suggesting growing interest among large investors.

Cardano Whales Accumulate 140 Million ADA

Popular crypto analyst Mintern highlighted that a large holder of Cardano has been in buying activity. Within the span of a week, they gathered a total of over 140 million ADA, reflecting high confidence in the initiative’s near futures and longer futures.

On-chain statistics indicate that the addresses controlling between 10 million to 100 million ADA elevated the aggregate holdings by a total of 13.06 billion to 13.20 billion ADA, reflecting enormous accumulation activity.

Also Read | Cardano (ADA) Price Crashes 15%: Analysts Predict Powerful Rebound Toward $2.67

Cardano Eyes Next Strong Upward Breakout

Meanwhile, another well-known analyst, More Crypto Online, revealed that the subsequent significant target for upside momentum for Cardano is $0.74. He detailed that micro support for the time being is present between $0.635 and $.685 and may work as a buffer in case the price incurs near-term corrections.

However, he also noted the current rally still has to be confirmed. “I consider this a weak five-wave move to the upside,” he added that on certain exchanges, such a growth may look like a three-wave move, so far so good for a clear breakout, it is early.

Overall, the current whale enthusiasm and surging momentum indicate that a possible upside surge may be imminent for Cardano. But analysts emphasize that a conclusive move through $0.74 will be the real test for the next big move by the ADA.

Also Read | Cardano (ADA) Set for a Bullish Breakout? Key Technical Levels to Watch