Will Cardano Break Past $1 Next?

ADA whales now hold over 15% of the asset’s circulating supply.

Cardano’s ADA has joined the broader resurgence of the cryptocurrency market, with its price approaching $0.90.

The recent whale activity suggests that the bullish momentum could continue in the short term.

Scooping up More Coins

The popular X user Ali Martines revealed that ADA whales (investors holding between one million and ten million tokens) have purchased an additional 70 million coins in the last week. The USD equivalent of the stash (at current rates) is approximately $60 million, while this group of market participants now controls almost 5.6 billion ADA, or 15% of the circulating supply.

Developments of that type are considered bullish and could trigger a further ascent for Cardano’s native cryptocurrency. Whales are considered investors who may have access to inside information about upcoming events, and their massive purchases could prompt smaller players to enter the ecosystem as well.

Moreover, such buys leave fewer coins available on the open market, which could be a precursor to an upward move (should demand remain constant or head north).

Price Forecasts

Towards the end of September, Martinez claimed that ADA is at a crossroads, arguing that a drop below $0.80 may derail a potential rally toward $0.95.  During the latest correction of the crypto market, ADA plunged below that mark, and it now remains to be seen whether his prediction will prove accurate.

Other crypto analysts made much more optimistic forecasts. X user Crypto King maintained that the asset’s price chart is “extremely bullish” and revealed they have increased the exposure to the coin.

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“One breakout and we will see 2$, which decides up or down,” the market observer added.

Meanwhile, another X user disclosed that the sentiment across the Cardano community has risen to its highest level in the past 30 days, and currently, 92% are bullish. While this might sound like great news for the asset’s proponents, it could also be interpreted as a bearish factor.

Extreme optimism can signal overbought conditions, meaning the sellers might soon take control. It is also worth noting that the crypto market is an unusual one and often moves in the opposite direction of the crowd’s general expectation.