Cardano whales have snapped up 240 million ADA tokens in a buying spree that pushed the cryptocurrency above a key resistance level. The move signals a shift in market sentiment, with large holders betting on further upside.
The Whale Activity
Data from on-chain trackers shows that addresses holding between 1 million and 10 million ADA added 240 million tokens to their wallets over the past week. That's roughly $180 million at current prices. The accumulation comes after a period of relative quiet for Cardano, which had been trading in a narrow range.
Whale movements often draw attention because they can precede price swings. In this case, the buying coincided with a breakout above the $0.75 resistance level, a zone that had capped gains for weeks. The token now trades around $0.78, up about 6% from last week.
Breaking Through Resistance
The $0.75 mark had been a stubborn ceiling. Cardano tested it multiple times in recent months but failed to hold above it. The latest push, fueled by the whale accumulation, finally broke through. Technical analysts point to the next resistance near $0.85, but caution that the rally needs volume to sustain.
Improving market sentiment across the broader crypto space also helped. Bitcoin's recent stability above $60,000 and Ethereum's gains have lifted altcoins. Cardano, often seen as a bellwether for the smart-contract platform race, benefited from the positive mood.
Market Sentiment Shift
Sentiment around Cardano had been mixed after the network's Alonzo upgrade last year. While the upgrade brought smart-contract functionality, adoption has been slower than some expected. But the whale buying suggests confidence in the project's long-term prospects.
On-chain metrics show that the number of active addresses on the Cardano network has also ticked up. That's a sign that real usage, not just speculation, is growing. The improving sentiment is reflected in the Crypto Fear & Greed Index, which moved from 'neutral' to 'greed' this week.
The coming days will show if the whale accumulation signals a longer-term trend. Traders are watching whether ADA can hold above the $0.75 level and build momentum toward the next resistance. If it does, the rally could attract more buyers. If not, the whales may have to wait for another opportunity.
