Peter Smith
Cardano (ADA) has surged over 26% this week as whale wallets continue buying, setting up a potential run toward the $1 target.
Cardano's having quite the week, jumping over 26% while big wallets quietly stack more ADA. What's interesting is there's no heavy selling happening – this rally looks like it's got legs. Trading at $0.73 right now, ADA seems primed for a push toward that sweet $1 level everyone's watching.
ADA Whales Are Still Buying
Those massive wallets holding 1-10 million ADA? They've been steadily growing their bags from around 33% in January to 36.15% by mid-July. Even when ADA pumped hard in March, these whales didn't dump – they held tight. That's a pretty bullish sign when the smart money isn't taking profits.
These whale wallets typically hold between 1 million and 10 million coins, and their moves often set the tone for where the market goes. The fact they're still accumulating during this rally suggests they're expecting more upside. It's not your typical "buy low, sell high" behavior – these guys are playing the long game.
ADA Price Shows Long-Term Holders Aren't Selling
Here's where it gets interesting. The Spent Coins Age metric – which tracks how long coins sit before being moved – spiked briefly in mid-June but dropped back down. Translation: older ADA coins aren't being sold off. Long-term holders are staying put, which is classic bullish behavior during uptrends.
What's even more telling is that the spikes in this metric around mid-June and early April didn't line up with major price moves. This means the selling wasn't about taking profits – it was something else entirely. In an uptrending market, that's actually good news because it means there aren't many sellers waiting to dump on rallies.
Cardano (ADA) Price Hits Key Resistance Zone
Right now, ADA is sitting at $0.73, just above the 0.618 Fibonacci level at $0.7287. The next big test is a dual resistance zone: a strong horizontal level at $0.77 and the 0.786 Fibonacci at $0.78.
If ADA can break through both levels, there's not much standing in the way until $0.86. From there, the 1.618 Fibonacci extension targets $1.08 – that's about 46% upside from current levels. The technical setup looks textbook, with the Fibonacci extension drawn from the $0.51 swing low to $0.86 high.
Bottom line: with whales accumulating, no mass selling, and clean technicals, Cardano's march toward $1.08 is looking pretty solid. Just keep an eye on $0.72 – if we dip below that and retest the $0.68 support (the 0.5 Fib level), the bullish thesis could be in trouble.
Peter Smith
