Cardano Whales Go on Buying Spree, Is Price Rebound Ahead?

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Cardano Whales Go on Buying Spree, Is Price Rebound Ahead?

Amid whales embrace, the price of Cardano (ADA) has seen a dramatic slip in the past 24 hours, a shift that comes following the unexpected beating Bitcoin (BTC) in late trading hours. As one of the biggest gainers over the trailing 7-day period, Cardano is maintaining resilience above the $1 price mark. With the twist in the market, the roles of ADA has now come to the frontline.

Cardano Whales and The Market Twist

At the time of writing, ADA price was trading for $1.109, down by 8.59% in the past 24 hours. Amid the broad altcoin selloff, Cardano dropped from its intra-day high of $1.15 to a low of $1. Per an earlier ADA price analysis, the coin showed potential for a retest of its All-Time High (ATH) following its 24-hour breakout.

Cardano managed to maintain the $1 support level, partly as a result of the impact of whales in the ecosystem. According to an X post from market analyst Ali Martinez, Cardano whales have acquired 10 million ADA in the past 24 hours.

As shown in the shared Santiment chart, the whale acquisition aligned with the rally recorded by Cardano price within the 24 hour period. This whales bet proves that many are convinced in the future growth potential of the coin.

Ecosystem Updates to Complement ADA Whales Bet

Over the past 7-days, the coin is still retaining an 18.83% rally, proving its inherent growth trend. While the ecosystem whales have validated the coin’s potentials, current ecosystem updates are complementing this push.

As reported earlier by Coingape, the Cardano ecosystem has transitioned to its decentralized governance era or Age of Voltaire. To fully usher in this decentralized governance, the community budget and constitution need approval. According to Charles Hoskinson, getting these pending items approved will mark his last duty for the ecosystem.

Beyond these governance that might make ADA an attractive asset, the protocol also have plans to introduce new products and chart more collaborations this year. Among its planned products include Bitcoin DeFi, Lace Wallet updates and Midnight Protocol among others.

Flowing With the Ecosystem Tides

Beyond its technical and fundamental strengths, the future of ADA also hinges on the broader market with Bitcoin as a reference. The coin still maintains a strong correlation with BTC and should the incoming Donald Trump administration favor Bitcoin, Cardano might benefit from the ripple effect.

With products like XRP, Litecoin and Solana ETF now in view, a pro-crypto Presidency might see a Cardano fund filed in the near term.

The post Cardano Whales Go on Buying Spree, Is Price Rebound Ahead? appeared first on CoinGape.

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