Cardano Price Aims for $1 Breakout as Large Wallets Continue Accumulating

Cardano price is rising strongly, increasing by over 26% this week.

With large wallets quietly increasing their holdings and no signs of a strong Dump, the recent price increase seems to be more than just a temporary surge.

Whale wallets increase holdings

The wallet group holding between 1 million to 10 million ADA, often called whales, has gradually increased their holdings from around 33% in January to 36.15% in mid-July. Despite ADA's strong increase in March, this group did not reduce their holdings. This indicates that top holders expect prices to continue rising.

Whales are large ADA holders, typically holding between 1 million to 10 million coins. Their behavior often influences market direction.

spent coin age index decreases

The Spent Coin Age Index spiked in mid-June but has since returned to lower levels. This means old ADA coins are not being sold. Most long-term holders seem to be holding tight; a classic price increase signal in upward trends.

Moreover, the significant spike in the Spent Coin Age Index around mid-June and early April did not coincide with major price increases. This suggests that selling from old wallets is not necessarily for profit. This could be a good sign in a rising market, meaning there are fewer factors limiting the upward momentum.

The Spent Coin Age Index measures the time coins are held before moving. Lower values indicate reduced selling pressure from old wallets.

cardano price analysis

Cardano is currently trading at $0.73, slightly above the Fibonacci 0.618 level ($0.7287) and heading towards a double resistance zone:

• Strong horizontal level at $0.77
• Fibonacci 0.786 at $0.78

If ADA breaks both levels, there will be little resistance until $0.86, and from there, the extended Fibonacci 1.618 target is $1.08, equivalent to a potential increase of around 46% from the current level.

The Fibonacci extension is drawn from the low of $0.51 to the high of $0.86, with the correction confirming support near $0.50, a typical momentum wave.

With whales accumulating, no signs of mass selling, and a clear price structure, Cardano's price increase to $1.08 is becoming increasingly likely. However, if the price drops below $0.72 and then retests an important support level ($0.68 or Fib 0.5), it could invalidate the bullish perspective.