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A total of 120 million ADA has been caught up in whale activity in the last 48 hours, attracting attention on the crypto market. According to crypto analyst Ali, whales have purchased over 120 million ADA in the last 48 hours following recent market optimism.
Bitcoin's price rose above $110,000 for the first time in about two weeks, sparking a broader rally on digital assets. Cardano benefited from the positive momentum, recording four straight days of gains since June 5.
At press time, ADA was up 4.32% in the last 24 hours to $0.708, having reached $0.716 in the early Tuesday session.
The recent accumulation suggests that large holders, or whales, might be betting on a potential upward move in Cardano’s price as bullish momentum returns to the market.
On the upside, resistance is expected at the moving averages of 50 and 200 at $0.724 and $0.82, respectively, while support is envisaged near $0.60 in the event of a drop.
Cardano welcomes major developments
The surge in whale accumulation coincides with major developments in the Cardano ecosystem.
Cardano has introduced Cardinal, its first Bitcoin DeFi protocol. The new primitive for Bitcoin allows users to wrap any BTC UTXO and find DeFi yield through lending, staking and borrowing.
Cardano recently made history with the first cross-chain Ordinal wrap; Cardinal powers the first trust-minimized Ordinal bridge from Bitcoin to Cardano mainnet. Ordinals will now be used in DeFi, serve as collateral or be auctioned across chains, and borrow or lend value without losing provenance.
Cardinal creates wrapped assets (NFTs or tokens) that are natively pegged 1:1, transferable on-chain, burnable to release BTC or ordinals and compatible with any smart L1, not just Cardano.
In separate news, Cardano (ADA) is now available for U.S. customers on Bitstamp by Robinhood, per a recent announcement.
Vladislav Sopov
U.Today Editorial Team