Cardano Whales' Buying Spree Sparks Hope for Price Rebound

Cardano's native cryptocurrency ADA has experienced a significant decline in value over the past month, with its market capitalization falling below $9 billion. This drop coincides with the current bear market affecting the entire crypto sector.

Despite the downward trend, large investors are actively accumulating tokens, which may indicate that a price rebound is imminent. According to analyst Ali Martinez, these whales have amassed 220 million ADA over the past week alone, amounting to roughly $53 million at current rates.

The buying activity from these experienced investors could encourage smaller players to join in and inject fresh capital into the market. As we previously reported, Martinez has set $0.245 as a 'key support level' for ADA, which, according to him, may trigger significant price movements. On previous occasions when this level was reached, prices have exploded by 85% or even 200%.

A similar prediction comes from user Alets, who believes the bottom is in and expects a potential pump above $0.60 in the following months. The Relative Strength Index (RSI) also supports the bullish outlook, with readings below 30 indicating that ADA is oversold and due for a revival.