Did Cardano Whales Bet $35 Million on a Token Listing Event Despite Bearish ADA Charts?

Despite Cardano's price falling 22% year-to-date and exhibiting bearish technical indicators like a hidden RSI divergence and a potential head-and-shoulders pattern suggesting a possible 20% drop, large investors have been accumulating ADA. Two major whale cohorts added approximately 140 million ADA, valued near $35 million, starting around March 9-11. This accumulation aligns with the full spot listing of NIGHT, a token tied to the privacy-focused Midnight sidechain being developed for the Cardano ecosystem. While broader market participation remains low with declining open interest, suggesting traders are cautious, the whales might be positioning based on ecosystem developments rather than short-term price action. Furthermore, Cardano's DeFi Total Value Locked (TVL) has seen a modest 22% growth, hinting at underlying network activity, even as technical charts still signal downside risk below key support levels.

(Source：BeInCrypto)