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ADA, the native token of the Cardano blockchain, is gaining significant attention from crypto giants despite its ongoing price consolidation. On December 17, 2024, data from on-chain analytics firm Santiment revealed a massive rise in whale activity on the Cardano network, signaling potential upside momentum.
Whale Transactions Surge on Cardano Network
According to the data, the Cardano network witnessed a substantial 687 transactions, each worth more than $1 million, recorded in the past 24 hours. This highlights whales’ rising interest and confidence in the altcoin, suggesting a major price rally could be on the horizon.
Additionally, these notable transaction details were highlighted by crypto experts on X (formerly Twitter). However, ADA experienced this surge in transactions during a period of consolidation, as it traded within a tight range over the past week.
Cardano (ADA) Technical Analysis and Upcoming Level
According to expert technical analysis, ADA appears to have formed a bearish head and shoulders price action pattern. However, this pattern isn’t yet complete, as the price remains trapped in a consolidation range between $1.07 and $1.14. This range could determine whether ADA moves upward or downward in the coming days.
ADA Key Levels and Current Price Momentum
Based on recent price action, if ADA breaks out of the narrow range and closes a daily candle above the $1.14 level, the bearish pattern would be invalidated, and ADA’s price could soar by 43% to reach the $1.63 mark in the future.
Conversely, if ADA breaks down from the range and closes a daily candle below $1, the bearish pattern would be confirmed, and ADA could witness a price decline of 24%, falling to the $0.78 level.
However, this bearish outlook currently appears manageable, as ADA continues to receive support from an ascending trendline.
On the positive side, ADA’s Relative Strength Index (RSI) currently stands at 52, below the overbought zone, indicating that the asset has enough room to rise in the coming days.
Currently, ADA is trading near $1.07 and has recorded a price decline of 2.7% in the past 24 hours. During the same period, its trading volume surged by 50%, indicating heightened participation from traders and investors and rising interest in the asset.
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