Cardano Whales Buy $166M ADA in 48 Hours Amid $0.83 Buildup

Recent on-chain data reveals a significant surge in ADA accumulation, primarily driven by whale investors and veteran long-term holders. Over 200 million ADA tokens—valued at approximately $166 million—were acquired within 48 hours. This buying activity took place while the ADA price hovered near $0.81, with the $0.83 resistance level becoming a focal point for traders and analysts [1]. The accumulation suggests a growing confidence among large holders, who appear to be positioning themselves ahead of potential price movements.

Whale addresses holding between 100 million and 1 billion ADA have increased their holdings significantly since August 9. Analyst Ali Charts noted that this represents the largest two-day buying event from this group in recent months [1]. During the same period, spot exchange inflows totaled $11 million, followed by an additional $3.61 million in purchases. The coordinated action by these influential market participants indicates a strategic buildup rather than short-term speculation.

Long-term holders have also continued to accumulate ADA since 2021, according to on-chain analyst Alphractal. These investors have remained committed despite price volatility, suggesting a focus on long-term value rather than short-term gains [1]. Unlike in previous cycles, short-term holders are less inclined to sell during minor price rallies, which further reduces near-term selling pressure. This behavior contributes to a more stable market environment.

ADA’s market “temperature” remains neutral, according to a composite on-chain metric that includes the MVRV Z-Score and Net Unrealized Profit/Loss. This suggests that the market is not currently overheated, allowing for potential price appreciation without the immediate risk of a sharp reversal [1]. The combination of patient accumulation and balanced market conditions supports the possibility of sustained upward movement.

Technically, ADA remains in a bullish configuration, with the 10-day through 200-day moving averages maintaining a positive trend. The relative strength index (RSI) is currently at 63, below the overbought threshold, indicating that the asset is not yet overextended. Analysts have highlighted that a confirmed breakout above the $0.8332 level could pave the way for a move toward $0.88 and even $0.92 [1]. Historical patterns also show that previous breaks above $0.83 have often triggered further price extensions.

The Cardano ecosystem has also seen recent developments that could enhance long-term engagement. The Midnight Network launched a NIGHT token airdrop on August 5, with half of the tokens allocated to ADA holders. On August 8, the Hydra protocol was updated to improve transaction throughput and network efficiency, both of which are seen as positive steps for scalability and user experience [1].

Taken together, the accumulation by whale investors, the patience of long-term holders, and the favorable technical and fundamental developments present a compelling case for cautious optimism among ADA investors.

Source: [1] ADA Accumulation Surges: Cardano Whales and Veterans Signal Patience Over Panic (https://cardanofeed.com/ada-accumulation-surges-cardano-whales-and-veterans-signal-patience-over-panic-410)