Cardano whales keep buying, is ADA about to hit $1.5 next?

TL:DR;

Cardano’s native token continues to see strong demand for whales, with another massive build-up over the last day or so. Such large purchases could lead to price increases in the underlying asset, which is expected to continue its run and reach $1.5 next.

Current enforcement of the ADA

The so-called “Trump bomb” initially lost the ADA. While the rest of the market, led by BTC and DOGE, saw massive gains, the Cardano token remained relatively quiet around $0.3. That all changed in the first weekend after the election, when IOG founder Charles Hoskinson said he would work together with the Trump administration to establish crypto regulations in the United States.

ADA immediately shot up by double digits and continued to rise in the following weeks amid the general resurgence of the market as well as other big leads from Hoskinson.

The cryptocurrency’s rise peaked on December 3, when it jumped to just over $1.3 for the first time in nearly three years. Since then, however, ADA has retreated slightly to $1.2 after an 8% correction. Now the question arises as to what would drive the asset further north and whether it can achieve some of the big predictions made by analysts, including a price as high as $6.

Whales in motion

Crypto whales often affect the market due to their ability to buy or unload large portions of a given asset. Consequently, their behavior could determine the next price movements of a token. Recall that Cardano whales accumulated 130 million coins during the pullback at the end of November, and the price of the asset increased in the following days from $0.9 to the aforementioned high of $1.3.

Popular analyst Ali described another massive purchase by these big investors for over 100 million ADA in a 24-hour period.

#Cardano the whales bought over 100 million $ADA in the last 24 hours! pic.twitter.com/IrZjA54tGy

— Ali (@ali_charts) December 5, 2024

This could lead to even more gains for ADA, as many experts have predicted that its next target is precisely $1.5, which means another 25% increase from its current levels. Ali, for example, believes that the asset has formed an “ascending triangle like it was taken out of a textbook” that could lead you to this goal.

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