410 Million ADA Bought by Cardano Whales — Is $1 ADA Price Within Reach? ⋆ ZyCrypto

Cardano whales scooped up over 410 million ADA in April, signaling a strategic buildup at sub‐$0.70 levels and raising the prospect of a push toward $1. ADA now trades around $0.68 after a 40% rally from April lows, but it faces key resistance near $0.75 and a long‐term ceiling at the 200‐day moving average of $0.77. On‐chain data show large holders boosted their balances by roughly 420 million ADA during the month, while whale wallets (10 M–100 M tier) grew from 12.47 billion to 12.89 billion ADA—an approximate $289 million buy totaling near 420 million ADA. Technical indicators are mixed: The RSI is near 46, and the MACD has issued a bearish crossover, underscoring indecision below $0.75. Whale Accumulation Signals Confidence Whales added some 410 million ADA in April, per a post by analyst Ali Martinez on X (formerly Twitter). On‐chain snapshots confirm this increase: addresses holding 10M–100M ADA increased their stake by about 420 million ADA, valuing the buy at roughly $289 million. Smaller “whale” wallets (1 M–10 M ADA) also increased, from 2,405 to 2,408 addresses. This level of accumulation suggests large investors view current prices as attractive entry points, which is historically a precursor to strong price moves. ADA trades at $0.68, with a $24 billion market cap and 0.96% dominance in the crypto market. It’s consolidating between $0.66 (support) and $0.75 (resistance). The 200‐day SMA sits near $0.77—an important barrier for bulls . With volume, a break above $0.75 could clear the path to $0.80 and set sights on $1.00. On the downside, a drop below $0.66 risks a deeper retracement to $0.60 or $0.54, in line with recent channel lows . Daily RSI hovers around 46, while the MACD shows a bearish crossover, indicating short‐term momentum favors bears. Cardano’s network remains active despite a cooling on‐chain usage. Daily active addresses declined from 50,000 in late April to 42,000 by May ­­1, reflecting softer retail engagement. Yet DeFi’s total value locked on Cardano stands at $331 million, which is up 6.7% weekly, driven by new staking and smart‐contract deployments. The Lace wallet’s Bitcoin support launch and rising developer activity bolster long‐term fundamentals. Is $1 ADA Price Within Reach? Short term, ADA may trade sideways between $0.66 and $0.75. A decisive break above $0.75 could trigger a rally to $0.80 and potentially $1.00 if market conditions remain bullish and whale demand persists. Conversely, failure at resistance could see a pullback toward $0.60 or lower. Traders should closely watch whale wallets, volume trends, and the $0.75–$0.77 zone. With large holders accumulating heavily, Cardano has the fuel for a breakout—but only if it clears critical technical barriers. Source: https://zycrypto.com/410-million-ada-bought-by-cardano-whales-is-1-ada-price-within-reach/