Whales Bought Over 420M ADA in April, But the Price Is Still Struggling to Break Out

Cardano (ADA) whales have been massively accumulating the cryptocurrency throughout April, according to Santiment data.

Cardano (ADA) whales have been massively accumulating the cryptocurrency throughout April, according to Santiment data.

According to the blockchain analytics firm, the top 1000 Cardano wallets, also known as whales, increased their collective ADA holdings from 12.47 billion to 12.89 billion.

According to the blockchain analytics firm, the top 1000 Cardano wallets, also known as whales, increased their collective ADA holdings from 12.47 billion to 12.89 billion.

This equates to roughly 420 million ADA, or about $289 million at the time of writing. The whales' actions might have influenced the recent price movements of the coin.

As the chart shows, Cardano’s price has been struggling to break out of a key level for the past 5 weeks. Right now, ADA is stuck under the $0.70 level and has not yet been able to move higher despite whales buying heavily into the token.

At the time of writing, Cardano is trading at $0.67, slightly under the $0.70 support it was holding earlier in the week. The coin briefly touched $0.74 but dropped back, keeping it stuck in a tight trading zone.

If Cardano breaks above $0.74, it could start a new uptrend and push toward $0.80. But for now, that breakout has not happened. The coin needs a strong momentum to leave the current range and start gaining.

The Relative Strength Index (RSI) on the daily chart shows that ADA is now in the positive zone and near a two-month high, according to TradingView. That means buyers are getting stronger, and the trend could be shifting.

If the price drops below $0.66, it could make investors spectacle to buy more. A fall below this level might send ADA down to $0.60, which would weaken the current optimistic view and change the expectation for a bullish trend.

Whales are often trendsetters in crypto. Continuous buying by them means that they think Cardano has long-term value. Their behavior also affects others’ sentiments towards the coin, especially when the general market is looking for leads.

Also Read: Cardano Founder Charles Hoskinson Says ADA Could Reach $10