On November 20, the selling activity by crypto whales disrupted Cardano's (ADA) bullish momentum. However, a renewed accumulation by whales has sparked optimism for ADA's potential price rally toward $1. This shift in sentiment is backed by data from IntoTheBlock showing a surge in large holders' netflow to 67.51 million ADA.
The increased netflow, valued at about $55 million, is a bullish signal as it indicates that whales are buying more than they are selling. This buying interest coincides with an 11% ADA price increase over the last 24 hours, suggesting further gains and a potential foundation for higher prices.
The In/Out of Money Around Price (IOMAP) indicator further supports a positive outlook for ADA. This tool identifies support and resistance zones by analyzing token clusters at different price levels. A higher number of 'in the money' tokens signifies strong support, with fewer holders likely to sell, potentially driving the price higher.
Currently, ADA's IOMAP shows strong support levels outweighing resistance, enhancing the potential for continued price appreciation. The daily chart also indicates bullish momentum as ADA's price has risen above key Exponential Moving Averages (EMAs), suggesting the possibility of reaching $0.87 or even $1.
However, contingent on whale behavior, selling actions could alter this trajectory, potentially bringing ADA's price down to $0.68. Overall, the optimistic price prediction hinges on sustained buying pressure from whales and the absence of significant sell-offs.
