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- Cardano ADA is facing pressure, trading at $0.8754, with analysts focused on the key support level at $0.85.
- Despite the recent drop in ADA, whale hoarding is on the rise, with over 20 million tokens purchased in recent days.
Cardan’s native digital asset ADA is being closely watched by crypto investors and traders as the Foundation will hold its annual conference on the last day of 2024, i.e. December 31. During this event, Cardano will highlight strategic decisions for the coming years, including the 2025 budget.
Investors are anxiously awaiting some key details that will drive the next leg of ADA price growth to the psychological barrier of $1 and above. At press time, the price of Cardano was down 2.2% to $0.8754 with a market cap of $30.7 billion amid weakness in the broader crypto market.
Cardano’s (ADA) upcoming annual conference could provide a stabilizing factor for the token, helping it maintain support above the key $0.85 level in the coming sessions.
Market analysts suggest that holding this support is crucial for ADA to quickly recover back to the $2 mark. However, sustained selling pressure could push the token below $0.85, potentially triggering a rapid decline towards the next major support at $0.77. Traders are closely watching ADA’s price action as the conference approaches, which could serve as a catalyst for renewed interest and upside momentum.
Crypto analyst Ali Martinez highlights Cardano’s (ADA) most critical support zone, which ranges between $0.77 and $0.68. This level could play a key role in determining the token’s price trajectory.
Where are Cardano (ADA) prices going next?
According to technical charts, Cardano’s native crypto ADA is showing medium-term bearish sentiments. Therefore, ADA may witness faded buyer activity for some time before a bullish reversal occurs in the first half of 2025. On the other hand, Cardano’s price has consistently closed below its 50-day moving average, signaling a noticeable weakness in the bullish momentum.
However, ADA whales and big players see this as a potential opportunity to buy dips. Over the past few days, Cardano players have accumulated millions of ADA coins. According to blockchain analytics platform Santiment, crypto whales are actively increasing their holdings, accumulating over 20 million tokens. Analyst Ali Martinez highlighted this significant activity, suggesting renewed interest from large investors in the crypto market.
The whales bought over 20 million #Cardano $ADA in the past 48 hours! pic.twitter.com/ofFBS3wec5
— Ali (@ali_charts) December 29, 2024
This underscores bear-buying strategies following the latest ADA decline, confirming confidence in the potential recovery of alts. Moreover, ADA’s circulating supply has gradually decreased recently, with more than 21.8 billion tokens invested to increase the security of the blockchain.
Meanwhile, the Cardano platform has evolved into a lucrative environment for web3 activities. It boasts more than $545 million in Total Value Locked (TVL), with a stablecoin market cap of $22.9 million. This year, 2024, the Cardano blockchain also reached a milestone by hosting 100 thousand new smart contracts, CNF reported.
Crypto analyst Michael van de Poppe believes Cardano (ADA) is nearing the end of its current correction phase, following a 40% pullback following a strong rally to $5, CNF reported. Van de Poppe expects a new uptrend branch for ADA, signaling a potential positive price movement in the near future.
