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Cardano News: Whales Dump ADA Ahead of December Token Unlock

Published by
Vignesh S G

Cardano’s 30-day growth rate of 269.5% has grabbed the attention of the entire cryptocurrency community, for the fact that it is the second best-performing among the top ten cryptos after XRP (419.9%). Thanks to Cardano whales. Undoubtedly, the role whales have played in this surge is immense. Meanwhile, some recent reports indicate that Cardano no longer enjoys the favour of whales. What’s next? A fall?

Whale Activity Slows Down

A key indicator of whale activity, the netflow metric, has seen a significant drop—from 63.58 million ADA to just 7.62 million ADA. This means that at least 55.96 million ADA has likely been sold by whales, which is cause for concern.

Why the sudden shift? One possible reason is the upcoming ADA Token Unlock event scheduled for December 6, which will release 18.53 million tokens. Whales may be adjusting their portfolios in anticipation of the increased market volatility that typically follows such events.

Technical Indicators Suggest Volatility

The possibility of volatility is also reflected in technical indicators. The Bollinger Band is showing increased bandwidth, signaling potential price swings, which is clearly visible on Cardano’s chart.

Exactly the same is what the Relative Strength Index conveys. The RSI, which currently stands at 82.44, confirms that the market is currently in the overbought range. A market entering the overbought range naturally triggers the fear of price correction and volatility in traders.

Cardano Price Prediction and Scenarios

Last month was an exceptional period for the Cardano market. Never in recent history has the market shown a monthly performance better than November’s 201%. Defining November’s performance is simple: a steep climb with just one notable correction of 11.44%. This month also, Cardano continues the legacy of November, though the only anomaly was the minor drop of 0.705% reported yesterday. Currently, the ADA price stands at $1.2344

What Are the Risks?

If the current trend of whale selling continues, experts warn that Cardano’s price could drop to as low as $0.92, representing a 25.46% decline.

However, if whales return to accumulating ADA, the price could rise. In a more bullish scenario, experts predict a potential target of $1.33, offering hope for those who believe in a continued uptrend.  

FAQs

Why is Cardano’s price Surging

Cardano’s price surged due to strong whale activity, a 269.5% growth rate, and investor optimism surrounding ADA.

What is Cardano’s price prediction for December 2024?

Cardano’s price could reach $1.33 if whales resume accumulation; otherwise, it may decline to around $0.92 due to current volatility.

How high will Cardano go by the end of 2024?

The price of ADA could surge to a maximum of $1 by the end of 2024.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.

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