Cardano (CRYPTO: ADA) climbed higher on Sunday, capping off a successful week for the market’s ninth-largest cryptocurrency. It was worth noting the contribution of whale investors to the rally.
What happened: ADA rose over 2% in the last 24 hours, with its trading volume jumping by more than 35% to $1.34 billion. The latest uptick propelled its weekly gains to an impressive 25%, making it one of the biggest gainers.
Whales, known for their large holdings, were one of the primary drivers of the surge, acquiring more than 40 million ADA tokens between Wednesday and Friday last week, according to on-chain specialist Ali Martinez.
As of this writing, whales accounted for 8.48% of ADA’s total supply, data from IntoTheBlock showed.
The upsurge got some notable figures in the space excited.
Glauber Contessoto, popularly known as SlumDOGE Millionaire, said, “ADA looks so primed right now,” observing the weekly trajectory.
ADA’s technical indicators gave mixed signals.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Buy” signal as of this writing, according to TradingView.
The Awesome Oscillator, which compares recent price movements to historical movements, also issued a bullish forecast.
However, the Bull Bear Power indicator, used for measuring the strength of buyers and sellers in the market, was still “Neutral,” ruling out dominance of any particular market force.
The coin, often dubbed an “Ethereum Killer,” languished for the majority of 2024 before a broader rally sparked by Donald Trump’s presidential victory revitalized it, resulting in 44% annual gains.
The rally was also driven by founder Charles Hoskinson’s statements about his engagement with the incoming Trump administration in developing a cryptocurrency policy for the U.S.
Price Action: At the time of writing, ADA was exchanging hands at $1.09, up 2.06% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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