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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.
A massive surge in whale activity on the #Cardano $ADA network! In the past 24 hours, 687 transactions exceeding $1 million were recorded. pic.twitter.com/p8vzuLaFVP
— Ali (@ali_charts) December 16, 2024
Cardano ($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.