Cardano ($ADA) Whales Go on $218 Million Buying Spree

While the price of Cardano ($ADA) has been flat since the beginning of the month, whales on the cryptocurrency’s network have continued to accumulate tokens over the last two weeks. According to blockchain statistics published by popular cryptocurrency analyst Ali Martinez, major Cardano holders have purchased 560 million ADA tokens worth a whopping $218.4 million.

This pattern indicates a growing interest in Cardano among institutional investors and wealthy individuals, implying a bullish prognosis for the digital asset. Cardano has steadily gained popularity as a competitor to Ethereum (ETH) and other significant industry players.

However, the recent buying spree appears to have resulted in a price hike for ADA. Whales appear to have taken advantage of a recent price drop to add to their crypto portfolios. The cryptocurrency has since climbed, and as of this writing, Cardano is trading at $0.409, up 5% in the last 24 hours.

Cardano’s price surged together with that of other major digital assets as part of a wider cryptocurrency market rebound that saw the price of the flagship cryptocurrency Bitcoin reach the $30,000 barrier for the first time in 10 months for the first time in 10 months.

According to Martinez, the price of ADA might enter a bull run if it succeeds to break through a crucial level that now hosts a “colossal sell wall” of 3.85 billion tokens being sold. This barrier is located between $0.40 and $0.42.

Notably, the cryptocurrency community anticipates that the price of ADA will fall in April, even as its popularity continues to expand and whales accumulate the network’s native coin.

Users that made price forecasts projected that ADA would conclude the month of April trading at $0.37 per token, a considerable decrease from its current price level.