- Analyst reports whales bought 180M ADA in one week with steady negative netflows, reflecting ongoing accumulation.
- ADA trades between $0.60–$0.80 as outflows from exchanges continue, showing reduced sell pressure and investor holding behavior.
- RSI stays near 51 while MACD remains bearish, suggesting neutral sentiment with no clear breakout or breakdown yet confirmed.
Cardano (ADA) has seen renewed accumulation, with large holders quietly adding to their positions in recent days. According to crypto analyst Ali, whales have bought more than 180 million ADA over the past week.
This buying follows a pattern of steady net outflows from exchanges and comes as ADA consolidates in a narrow price range. The movement shows cautious optimism, with need for a clear confirmation from both momentum indicators and exchange flow data.
Whale Buying Aligns with Persistent Exchange Outflows
As per Coinglass, ADA exchange netflows have remained largely negative since late 2023. These outflows often exceeded $30 million daily, reaching a peak of over $90 million in mid January. Such activity generally indicates that investors are moving assets to private wallets, reducing sell-side pressure.
In mid November, a sharp rise in inflows above $60 million coincided with a local top near $0.68. However, from December through January, netflows flipped negative again, a strong accumulation phase. More recently, early March had another major outflow above $60 million.
That event also aligned with a short term peak near $0.75. So far in May 2024, minor but consistent outflows continue. Investors are still holding, with no major return of ADA to exchanges. This aligns with the current price range between $0.60 and $0.75.
Price Action Stalls Near Resistance, Volume Stays Moderate
ADA is trading around $0.7517, with a weekly high of $0.7771 and a low of $0.7324. Market volume is at 289.44 million ADA, suggesting decent trading activity despite a lack of breakout momentum.
ADA peaked above $1.30 in early 2024 before entering a corrective phase. Since then, the price has moved sideways, finding support near $0.60 and resistance below $0.80. This consolidation shows a phase of market indecision, as bulls and bears remain evenly matched.
The gradual decline from 2022 reversed in late 2023, and the market has now entered a range bound structure. Price action remains capped, awaiting stronger conviction for the next move.
Momentum Indicators Show Mixed Sentiment
The RSI is at 51.07, just above its 14-period signal line at 49.81. This suggests neutral momentum with a mild bullish change. However, further movement above 60 would be required to confirm strength.
The MACD line is at 0.0056, below the signal line at 0.0120. The histogram is negative at -0.0064, indicating bearish momentum still holds. However, histogram bars are shrinking, which could indicate weakening downside pressure.
Despite the weak momentum, ADA has held above key support. Continued accumulation and a stable price could push the token toward its previous high, though confirmation is still required.
Overall, whales have added over 180 million ADA as exchange netflows remain negative. Price continues to consolidate in a defined range, while momentum indicators show mixed signals.
