Cardano Whales Buy 210M ADA in Three Weeks as Price Tests $0.36 Support
Large Cardano wallets accumulated roughly 210 million ADA over the past three weeks while ADA price weakened and traded near $0.36. On-chain data cited by analyst Ali Martinez shows this accumulation occurred amid a broader pullback (24h down >7%) and a 7-day range of $0.36–$0.43. Exchange reserves have slightly declined, reducing immediately available supply. Technically, ADA sits near the lower edge of a weekly symmetrical triangle and above a long-tested support zone (~$0.28–$0.36); a break below could push price toward $0.27. The 9-week EMA at $0.41 remains overhead resistance, and weekly RSI (~33) implies momentum may be near short-term recovery levels if buying volume returns. Derivatives data (Coinglass) show a negative open interest-weighted funding rate (-0.0037%), signaling cautious futures sentiment. Additional developments: a proposed $80M Draper Dragon/Draper University fund to boost Cardano adoption (returns to Cardano treasury), and CME Group plans to list ADA futures (targeted start Feb 9, pending clearance). Key implications for traders: whale accumulation can reduce available supply and amplify price moves on small demand changes, but accumulation alone does not guarantee immediate reversal — confirmation via volume and reclaim of the 9-week EMA ($0.41) would strengthen a bullish case.
Neutral
Whale accumulation of 210 million ADA reduces exchange reserves and can create a supply buffer that magnifies future price moves, which is a bullish structural signal. However, current price action remains below the 9-week EMA ($0.41), with negative funding rates and RSI near 33—all pointing to prevailing bearish or cautious sentiment. The short-term outlook is mixed: accumulation sets a potential support base but lacks confirming volume and momentum to force an immediate reversal. If ADA reclaims the 9-week EMA with rising volume and positive funding, traders can expect a stronger bullish move. Conversely, a failure to hold the $0.36–$0.28 support zone would likely accelerate downside toward ~$0.27. Historical parallels: past whale accumulations (in ADA and other altcoins) have often preceded medium-term recoveries but required follow-through buying or macro tailwinds (e.g., positive derivatives flow, ETF/venue listings) to produce sustained rallies. The upcoming CME futures listing and the proposed $80M adoption fund are potential catalysts that could shift sentiment if realized, but until then the balance of indicators suggests a neutral near-term stance with asymmetric risk depending on whether support holds or breaks.