Cardano price is gaining serious momentum, climbing over 26% this week alone.
With large wallets quietly increasing their holdings and no signs of heavy selling, the recent rally seems more than just a bounce.
Whale Wallets Keep Accumulating Steadily
The 1 million –10 million ADA wallet group, often categorized as whales, has steadily increased its holdings from ~33% in January to 36.15% in mid-July. Despite ADA’s sharp rally in March, this cohort hasn’t trimmed exposure. This signals that top holders expect further upside.
Whale wallets are large ADA holders who typically hold between 1 million and 10 million coins. Their behavior often influences market direction.
No Major Exits Yet as Spend Coins Age Remains Low
The Spent Coins Age metric spiked briefly in mid-June but has dropped back to lower levels. That means older ADA coins aren’t being sold. And most long-term holders appear to be sitting tight; a classic bullish signal during uptrends.
Also, the major spike in Spent Coins Age metric, around mid-June and also early-April, didn’t align with major price spikes. This shows that the selling trends associated with older wallets are not exactly profit-inspired. This might be a good sign in an uptrending market, meaning there aren’t many rally-restricting elements in play.
Spent Coins Age measures how long coins sit before being moved. A lower value suggests reduced selling pressure from older wallets.
Cardano Price Approaches Critical Resistance
The Cardano price is currently trading at $0.73, marginally above the 0.618 Fibonacci level ($0.7287) and heading toward the dual resistance zone:
- Strong horizontal level at $0.77
- 0.786 Fibonacci at $0.78
If ADA price breaks both, there’s little friction until $0.86, and from there, the 1.618 Fibonacci extension targets $1.08, representing a ~46% potential upside from current levels.
The Fibonacci extension is drawn from the $0.51 swing low to $0.86 high, with retracement confirming support near $0.50, a textbook impulse wave.
With whales accumulating, no signs of mass exits, and a clean price structure, Cardano’s rally toward $1.08 looks increasingly probable. However, a dip under $0.72 followed by the retest of the key support level ($0.68 or .5 Fib level) could invalidate the bullish take.
The post Cardano Price Eyes $1 Breakout As Top Wallets Keep Accumulating appeared first on BeInCrypto.
