Whales are hoarding madly! Cardano is poised for takeoff, and a price explosion is imminent!

Despite Cardano (ADA) prices recently consolidating around $0.67, on-chain data shows that large whales are aggressively accumulating. Since April, large wallets have increased their holdings by over 410 million ADA, with a total value of $283 million, and these purchases have been consistently distributed, indicating a planned long-term strategy.

Leverage liquidation decreases, market risk gradually releases

Data shows that at the beginning of May, when ADA briefly broke above $0.704, short liquidations exceeded $10,000. Earlier in April, long liquidations reached as high as $9.65 million, resulting in a significant decrease in market leverage. This de-leveraging has stabilized market sentiment and created a healthier foundation for future price breakthroughs.

Technical compression: Symmetrical triangle breakout imminent

Since mid-April, the ADA price has been oscillating narrowly between $0.67 and $0.70, forming a distinct symmetrical triangle pattern. Technical analysis predicts that the apex of the triangle will see a breakout around May 8 to 9.

Currently, the 200-day EMA for ADA is at $0.7113, while the 200-day SMA is at $0.7766. The dual line compression suggests that once a breakout occurs above $0.705, the price is expected to surge rapidly towards the $0.76 to $0.78 range. If the support at $0.67 is breached, it may fall back to $0.62.

Whales are gathering strength, is the consolidation about to end?

The strategic accumulation by whales, the release of leverage risk, and the tightening of the triangle pattern all indicate that ADA is at a critical point. Once a breakout occurs, the $0.72 to $0.74 range will become the new target. If it can establish a foothold at $0.77 to $0.78, it is expected to initiate a new round of strong rebound.

Whales are building strength, the technical landscape is tightening, can ADA welcome a historic breakthrough? The key battle is about to unfold.