Cardano’s native token, ADA, is attracting attention from major players in the cryptocurrency space despite its recent price stabilization. On December 17, 2024, data from Santiment, an on-chain analytics firm, revealed a significant increase in whale activity on the Cardano network, hinting at potential upward momentum.
Surge in Whale Transactions on Cardano Network
The data showed that there were 687 transactions on the Cardano network in the past 24 hours, each exceeding $1 million. This surge in whale activity indicates growing interest and confidence in ADA, suggesting a possible price rally in the near future.
Crypto experts on X (formerly Twitter) highlighted these notable transaction details. However, this surge occurred during a period of consolidation for ADA, as it traded within a narrow range over the past week.
Technical Analysis and Future Levels for Cardano (ADA)
Expert technical analysis suggests that ADA may have formed a bearish head and shoulders pattern. However, this pattern is not yet complete, as the price remains range-bound between $1.07 and $1.14. The breakout from this range could determine ADA’s future direction.
Key Levels and Price Momentum for ADA
If ADA breaks out of the range and closes above $1.14, the bearish pattern would be invalidated, potentially leading to a 43% price increase to $1.63. Conversely, a breakdown below $1 could confirm the bearish pattern and result in a 24% decline to $0.78.
Despite the bearish outlook, ADA is currently supported by an ascending trendline. The Relative Strength Index (RSI) for ADA is at 52, indicating room for further upside in the days ahead.
At present, ADA is trading around $1.07, experiencing a 2.7% price drop in the last 24 hours. However, trading volume has increased by 50%, suggesting growing interest and participation in the asset.
