Cardano surges 25% this week as whale investors pile into multi-million dollar ‘Ethereum killer’
Cardano Ada/USD Sunday’s climb capped a successful week for the market’s ninth-largest cryptocurrency. Of note is the contribution of whale investors to this rally.
what happened: ADA has gained more than 2% in the past 24 hours, with trading volume jumping more than 35% to $1.34 billion. The recent gains have pushed its weekly gains to an impressive 25%, making it one of the top gainers.
According to on-chain experts, whales, known for holding large amounts of assets, were one of the main drivers of the price surge, buying more than 40 million ADA tokens between Wednesday and Friday last week Ali Martinez.
Data from IntoTheBlock shows that whales account for 8.48% of the total ADA supply as of this writing.
See: “Pharmaceutical Brother” Martin Shkreli predicts MicroStrategy will face liquidation, the price will fall below $300, and without Michael Saylor, Bitcoin will reach $250,000
The craze has some of the biggest names in the field excited.
Glauber Contesottocommonly known as slumdog millionaire, Looking at the weekly trajectory, “ADA looks ready now.”
ADA’s technical indicators are giving mixed signals.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, is flashing a “buy” signal at the time of writing, according to TradingView.
The momentum oscillator, which compares recent price movements to historical trends, also issued a bullish forecast.
However, the Bull and Bear Power indicator, which measures the strength of buyers and sellers in the market, remains “neutral,” ruling out the dominance of any particular market force.
The currency, often dubbed the “Ethereum killer,” spent much of 2024 in the doldrums before triggering a broader rally. Donald Trump’s The president’s victory revitalized it, with annual gains of 44%.
This rally was also promoted by the founder charles hoskinson Statement on his work with the incoming Trump administration on U.S. cryptocurrency policy
Price Action: As of this writing, ADA is trading at $1.09, up 2.06% in the past 24 hours, according to Benzinga Pro.
Image from Shutterstock
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