Cardano’s ADA price has recently surpassed the $0.40 mark for the first time since February, with data indicating that a group of savvy whales have been piling on the buy pressure. The whales began accumulating ADA shortly after the launch of the native DJED stablecoin, accumulating as much as 210 million coins worth approximately $84 million between February 2 and April 11. Whale accumulation typically suggests growing confidence among institutional investors, which puts upward pressure on the price and may inspire other retail investors to become bullish.
Furthermore, the Network Value to Transaction Volume (NVT) ratio indicates a bullish narrative, with the Cardano NVT ratio currently in decline for more than two months, suggesting that crypto investors could soon pile on. IntoTheBlock’s Global In/Out of Money price distribution data suggests that ADA could soon hit $0.45 if the bullish trend continues. However, a breach of the current support at $0.39 could see Cardano decline toward $0.35. It is important to note that this analysis is for informational purposes only and should not be considered financial or investment advice.