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- Cardano (ADA) price breakout above a symmetrical triangle pattern as signs of renewed bullish momentum.
- Cardano wallets holding 100M-1B ADA and 1M-10M ADA accumulated 9.4 billion ADA in recent weeks.
Amid the broader crypto market rally, the Cardano (ADA) price has surged more than 5.6% in the last 24 hours moving to $1.12, cementing its market position after a 34% recovery from the support levels of $0.80. Weighing on this, veteran crypto trader Peter Brandt stated that the ADA altcoin was preparing for a ‘grand bull run’ after the recent trend reversal.
In a post shared on the X platform, Brandt hinted at the possibility of an upcoming alt season, while expressing confidence in ADA’s bullish trajectory. He noted, “Make no doubt about it, Cardano $ADAUSD has bottomed for a grand bull market.”
Brandt’s statement has sparked interest among traders and investors, adding to the growing optimism in the altcoin market as ADA eyes potential upward momentum, as covered in the recent update.
Another technical chart also highlights a strong technical breakout for Cardano. Between December 3 and January 15, ADA’s price traded within a symmetrical triangle pattern, reflecting a period of equilibrium between buyers and sellers.
However, strengthening demand over the past week has propelled ADA’s price above the triangle’s upper resistance line during Thursday’s trading session. This breakout indicates a positive shift in sentiment, hinting at growing buying pressure for the altcoin.
Cardano Price Surge Amid Strong Whale Accumulation
Recent on-chain data reveals contrasting behaviors among major Cardano (ADA) whale cohorts. Two groups of whale wallets—those holding 100M-1B ADA (yellow) and 1M-10M ADA (red)—have been actively accumulating over the past week. Together, these cohorts hold approximately 9.4 billion ADA at the time of writing.
Conversely, a separate whale group, holding 10M-100M ADA (blue), maintains the largest stash of 11.94 billion ADA but has been offloading during the same period.
However, the Cardano price action closely mirrors the activity of the 100M-1B ADA (yellow) cohort. Their continued accumulation could signal stronger buying momentum and potentially drive prices higher in the near term.
On the other hand, the total number of Cardano (ADA) long positions has surged recently as most traders on Binance are net long on ADA. As per the on-chain data, the ADA long positions have increased from 66% to 77%, this underscores the bullish conviction for the altcoin.
Key Developments Within the Ecosystem
As highlighted in our previous article, the Cardano Foundation (CF) announced the launch of a new pilot initiative called the Venture Hub. This program is designed to provide targeted support to projects building on the Cardano blockchain. According to the foundation, the Venture Hub will offer participants personalized guidance, technical expertise, and tailored assistance to foster innovation and growth within the Cardano ecosystem.
Cardano founder Charles Hoskinson has revealed ongoing discussions between his team and Ripple Labs Inc. regarding a potential integration of Cardano’s recently launched stablecoin, RLUSD, as we reported last week.
