• Cardano witnessed a massive uptick in whale activity, with a large volume of whale transactions, hitting a seven-day high. 
  • ADA price is currently in an uptrend and yielded 5% gains for holders overnight. 
  • Experts believe that whale activity when combined with an uptrend in price is bullish for Cardano.

Cardano, popular as an Ethereum-killer and alternative, witnessed a spike in activity of large wallet investors on its blockchain. While whale activity is typically associated with a pullback or correction, the recent uptrend in ADA signals this could be a catalyst for the altcoin’s price. 

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Cardano whale activity climbs, what this means for ADA

Experts have noted a spike in large volume transactions on the Cardano blockchain, based on data from crypto intelligence tracker IntoTheBlock. According to data from the firm, large volume transactions hit a seven-day peak of 4,730 in the past 24 hours. 

Large volume transactions on the Cardano blockchain

Large volume transactions on the Cardano blockchain

While typically, experts associate whale activity and transactions with a pullback or correction in an asset, when accompanied by a rally in the asset’s price, it can act as a bullish catalyst. The surge in activity is associated with whales, institutional investors and large volume players tapping into the bullish potential of the Ethereum-killer token. 

Interestingly, whale accumulation is another metric that supports the bullish thesis for Cardano price. Over the past 30 days, whales holding between 1 million and 10 million ADA, scooped up 150 million more Cardano tokens, adding them to their portfolio. 

Accumulation by whales is a bullish sign for an asset, and it signals large wallet investors’ confidence in the asset. 

Cardano price is in uptrend, what’s next

The Ethereum-killer altcoin is currently in an uptrend, yielding nearly 20% gains for holders over the past week. Analysts predict a continuation of ADA price rally, with the support of the bullish on-chain metrics. 

Experts have predicted a 44% breakout in Cardano price, identifying an inverse head-and-shoulders pattern in the ADA price chart. The pattern is considered one of the most reliable technical indicators that predicts a bearish to bullish trend reversal in an asset. 

As seen in the price chart below, the technical analyst behind the handle ali_charts has identified the head at $0.2410 and the shoulders (right) at $0.29, the left at nearly $0.31. The neckline at $0.41 acts as a resistance that the altcoin needs to tackle, to witness a 44% upswing to its bullish target of $0.61. 

ADA/USDT 1D price chart

ADA/USDT 1D price chart

Cardano’s recent uptrend has garnered strength from whale activity and accumulation by large wallet investors. A sustained uptrend could push the altcoin to its target at $0.61. A drop below the shoulder level, at $0.31 could invalidate the bullish thesis of the expert. 

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