ADA Trading Volume Explodes, Whales Pile In: ADA Price Surge to $2 Around the Corner?

• Large holders added 50 million ADA in 48 hours, following 190 million.
• Cardano’s Lace wallet is now multi-chain, supporting Bitcoin for the first time.
• Analyst suggests ADA could reach $2 if it closes above $1.15 daily.

Cardano (ADA) is seeing a massive surge in trading volume and significant whale accumulation, even as its price remained relatively stable.

Data shows a dramatic 63.84% jump in ADA’s 24-hour trading volume, reaching over $1.12 billion . Large ADA holders; whales, are actively increasing their stakes, adding over 50 million ADA just in the past 48 hours.

This buying spree followed an earlier whale purchase of 190 million ADA just the day before. But even with all this activity, ADA’s price hasn’t moved much, which begs the question if all this whale activity can push ADA’s price up.

Input Output Global (IOG), the company behind the Cardano blockchain, had announced that their Lace wallet is now multi-chain . So as it stays, Bitcoin is now integrated into the Cardano blockchain for traders adopting Lace wallet. 

What’s Holding ADA Back?

Cardano’s price is currently in a holding pattern, primarily trading between $0.69 and 0.75. 

While the increase in whale activity and Lace’s new Bitcoin support are positive, the price of ADA has remained fairly flat. If the price breaks below the $0.69 support level, analysts suggest it might fall further, to around $0.57 or 0.60.

Technical indicators provide some context. The Relative Strength Index (RSI) currently sits at 46.14, suggesting neutral momentum. The Bollinger Bands (BB) indicate the next resistance level to watch is 0.76, with stronger resistance at 0.93. At the time of this report, ADA trades at 0.71, down 1% over the last 24 hours. 

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Cardano Investors Watch These Key ADA Price Levels

Despite the recent price stagnation, signals suggest Cardano might break out soon. Current data indicates relatively low selling pressure on ADA, increasing the possibility of the price testing the resistance level at 0.75. 

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Crypto analyst Ali Martinez shared the above chart pointing that if Cardano closes above 1.15 on the daily chart, it will confirm a bullish right-angled descending wedge pattern. This pattern suggests a potential significant price surge, possibly driving ADA up to the $2 mark.