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Cardano (ADA) is in the spotlight as whale activity has increased in the past two days. According to crypto analyst Ali, whales have scooped up over 40 million ADA in the last 48 hours, signaling potential bullish sentiment.
The accumulation comes at a significant moment for Cardano in both price action and network evolution. In a recent X post, Cardano founder Charles Hoskinson shared his thoughts on the project’s growth, challenges, and what lies ahead for the network.
In a May 10 tweet, Hoskinson addressed the ADA community, saying, "We are at a very exciting inflection point with respect to Cardano's engineering and the diversity of ideas and teams." The Cardano founder acknowledged that, while Cardano’s initial philosophy provided security and effectiveness, it also slowed development and alienated contributors due to its rigid structure.
Looking ahead, the Cardano founder stated, "Now in 2025, we are opening up the ecosystem augmented with small agile teams like Aiken and Midgard, while preserving the knowledge, experience, and rigor with Input-Output Research (IOR) and our formal methods group using Agda."
Cardano price action
On May 8, Cardano bounced off the 50-day SMA ($0.67) and completed an inverse head-and-shoulders pattern against the backdrop of a broader crypto market rally. The surge continued, with ADA surpassing the daily SMA 200 at $0.79, which had previously capped the price action in late March.
Following a three-day climb starting May 8, ADA hit highs of $0.846 in the early Sunday session before encountering resistance. At the time of writing, ADA had marginally moderated its gains, up 0.56% in the last 24 hours to $0.801, but still up 16% weekly.
The RSI stays in positive territory, indicating an advantage for buyers. If the price remains above the daily moving averages, ADA may rise to $1. If bears wish to halt the upward move, they must push the ADA price below the 50-day SMA at $0.676. This might cause the ADA price to drop to $0.60 and then to $0.50.
Vladislav Sopov