Cardano (ADA) Whales Add Over $630 Million on Bounce Hopes — Are They Wrong?
Cardano whales accumulated over $630 million worth of ADA amid a falling wedge pattern and bullish RSI divergence near support.Summary
Despite Cardano's price being down nearly 23% in the last 30 days, buying pressure is increasing, indicated by a bullish divergence on the daily chart where the price made a lower low while the Relative Strength Index (RSI) formed a higher low near the lower boundary of a falling wedge pattern.
On-chain data confirms this shift, showing significant accumulation by large holders; specifically, wallets holding between 1 million and 10 million ADA aggressively added approximately 1.76 billion ADA, valued at about $634 million, following an initial smaller purchase by larger whales. This accumulation near structural support suggests selling momentum is fading.
However, the broader trend remains bearish, making price confirmation crucial. For a rebound to be credible, ADA must reclaim $0.48 with a clean daily close. Key resistance lies between $0.39 and $0.42, and failure here would keep the price consolidated within the wedge. A decisive break below the lower wedge trendline near $0.33 would invalidate the rebound thesis and expose $0.29 as the next support level.
(Source：BeInCrypto)