ADA Buckles Up: Whales Accumulate, Hoskinson's Influence Boosts Bullish Sentiment

The price of Cardano (ADA) has shown resilience in recent times, bucking the broader market trend and demonstrating significant strength. Despite facing a brutal bearish attack alongside other cryptocurrencies, ADA has managed to maintain its position and even triggered a decent recovery.

One of the key factors driving this recovery is the heavy accumulation of ADA by whales, suggesting a strong base for the token. This accumulation has been accompanied by a growing confidence in the token, as indicated by the actions of addresses holding between 100 million and 1 billion ADA tokens.

The involvement of Cardano founder Charles Hoskinson in the U.S. administration has also contributed to the bullish sentiment surrounding ADA. As a result, market participants appear to be optimistic about an upcoming price rally for the token.

The ADA price is currently approaching a crucial resistance level. If it can clear this resistance, it could not only reclaim the $1 level but also mark fresh monthly highs. The majority of indicators that were previously turning bearish have refrained from doing so, further suggesting a potential bullish trend.

The recent upswing in the ADA price has pushed it above a descending parallel channel, although this initially appeared to be a false breakout. However, the bulls have since regained a strong hold on the rally, and the price is now moving back to surpass the channel's resistance. The Chaikin Money Flow (CMF) and On-Balance Volume (OBV) indicators have exhibited a bullish divergence, suggesting the increasing strength of the bulls and potentially confirming the onset of a bullish trend.

Based on this analysis, it is expected that the Cardano (ADA) price will sustain a solid ascending trend over the next few days and likely surpass the $1 level at any moment. The true target for the token is set at $1.2, and if it exceeds this, it may advance towards new yearly highs above $1.5.