Cardano whales grab 100M ADA in 24H – could spark 740% rally

As the majority of assets in the cryptocurrency market are still struggling to get back on track in their bullish pursuits, Cardano (ADA) might be in a good place to begin its recovery thanks to the massive interest of whales who have purchased 100M ADA in 24 hours.

Indeed, the industry’s largest holders have scooped up about 100,000,000 ADA in a single day, boosting their total supply to 18.65 billion ADA, according to the recent observations shared by popular crypto market analyst Ali Martinez in an X post on August 20.

Specifically, the amount of purchased Cardano tokens rose from 18.55 billion to 18.65 billion in mere 24 hours, meaning that whales bought 1 million ADA in this very tight window and suggesting their confidence in the future price of the currently 10th-largest crypto asset by market capitalization.

How high can Cardano go?

At the same time, fellow crypto expert Javon Marks observed patterns that could send ADA price to $8, which would be a move of over 740% from its current state, as he noted in an X post published on August 20, where he referred to his analysis from July 7.

As it happens, Marks pointed out in his recent assessment that Cardano, “which has displayed similar price structures to the previous bull cycle, can be entering its most bullish stages here! These prices could be headed towards $8 in a more than 740% move…”

Aside from the whale interest, another thing that could trigger Cardano’s move to a record high might include the ADA futures and derivatives data pointing to bullish trader interest, as CoinGlass charts show the funding rate flipping positive to 0.00078%, a move that often precedes a price rally.

Meanwhile, Cardano was at press time changing hands at the price of $0.87, which indicates an increase of 1.84% in the last 24 hours, as it tries to reverse the loss of 11.34% accumulated across the previous seven days but still holding onto the 1.26% gain on its monthly chart, per data on August 21.

As a reminder, Cardano futures have earlier exploded from below $4 billion to a whopping $6.96 billion over several weeks, reaching their highest level in five months and suggesting rising trader interest. Additionally, Grayscale’s Delaware-based trust for ADA has sparked rumors about an upcoming spot exchange-traded fund (ETF).