On December 29, 2024, Cardano (ADA) is experiencing a significant 42% price correction from its multi-year high of $1.32 reached earlier this month. This downturn has not deterred major investors, as over 20 million ADA have been purchased by whales in the past 48 hours, signaling a potential turning point for the cryptocurrency.
Despite the broader market uncertainties, whale accumulation suggests growing confidence in Cardano's long-term potential. Analysts note that this trend often precedes market recoveries, indicating that large-scale investors are positioning themselves for a price breakout.
Currently trading above the critical $0.85 support level, ADA is at a crossroads. Analysts believe that if Cardano can convincingly reclaim the $1 mark, it could trigger a rally toward its previous high of $1.32. However, failure to maintain support could lead to a deeper retracement, possibly down to $0.75.
As whale activity intensifies, market participants are closely monitoring these developments, which could define Cardano's short-term outlook.