Will THIS help Cardano [ADA] bulls reach $0.39?

• Cardano [ADA] experienced significant whale activity, with $6 billion in large transactions. 
• In-depth analysis revealed ADA could be at a crucial junction.

Cardano [ADA] has experienced a surge in whale activity, with $6.08 billion in large transactions over the past day. This spike, equivalent to $17.71 billion ADA, highlighted increased trading activity among big players. 

But should you exercise caution?

ADA on whale alert

With Bitcoin [BTC] stuck in consolidation, investors may have shifted focus to Cardano, which has surged over 10% in the past week.

Surprisingly, data from IntoTheBlock revealed an unexpected twist. Despite the rise, large ADA holders took profits, with approximately 219 million ADA flowing into exchanges — a massive 606% increase from the previous day.

Source : IntoTheBlock

To the relief of bulls, the event aligned with Bitcoin hitting $58K, while a key inflation index showed a 2.5% drop, bolstering expectations for a rate cut.

As a result, the selling pressure may have been absorbed, pushing ADA’s price up by 2% to $0.3601 at press time.

Similarly, in late August, as Bitcoin hit $64K after 13 days of consolidation, ADA made a notable splash with strong gains. This time, however, something feels different.

September roadmap fuels the pump

Cardano started the month strong with the Chang upgrade, advancing toward full decentralization. ADA then saw its highest daily active wallets in 180 days, reaching about 40K. 

The Snek-Fun memecoin launchpad further boosted network activity, with over 2,200 coins created and $4.5 million in ADA trading volume on day one. 

These upgrades sparked a surge in ADA’s value, moving around 200K addresses from loss to profit, now holding approximately $4 billion worth of tokens.

Source : IntoTheBlock

If Cardano bulls maintain their momentum – likely – they could push an additional 400K addresses into profit as ADA tests the $0.39 resistance.

This would hinge on whales not selling, holders keeping their profits, and overall sentiment remaining bullish. 

With one major player having sold, what are the odds for the rest?

$0.39 off the charts for Cardano [ADA]?

The next big test for bulls will be at the $0.39 ceiling. For this to happen, bears would need to capitulate to allow the bullish breakout to take hold.

Source : Santiment

That said, the Weighted Sentiment around Cardano has remained positive, peaking a day after the Chang upgrade.

Read Cardano’s [ADA] Price Prediction 2024–2025

However, the 180-day mean coin age and MDIA have dropped, indicating increased selling or profit-taking. While a breakout is hoped for, a minor pullback seems more likely.

Simply put, ADA’s price depends on Bitcoin’s boost. Without it, a pullback seems probable. Key to watch are short-term holders with gains; if September stays volatile, they might sell.