Cardano (ADA), the ninth-largest cryptocurrency by market cap, is seeing a wave of interest from major investors, signaling a potential accumulation phase among large holders, often dubbed “whales.” According to blockchain data provider IntoTheBlock, large holder netflows in Cardano surged by 393% this week, indicating significant purchasing activity. The increased attention from large investors aligns with ADA’s strong performance over the past week, during which it hit multi-month highs amid a broader upswing in the cryptocurrency market.

On Sunday, ADA reached $0.659—a price level last seen in March—driven by momentum that has lifted the broader crypto market. ADA’s recent rally, beginning on November 4 when it found support at $0.32, saw it climb to $0.654 before facing resistance near the $0.66 mark. Despite slight fluctuations, including a 2.06% dip over the past 24 hours that brought the price to $0.581, Cardano remains up 74% week-over-week.

Market watchers interpret the accumulation by whales as a sign of confidence in Cardano’s future, particularly in light of upcoming developments within the Cardano ecosystem. While ADA’s current rally has encountered some resistance near $0.66, the bullish sentiment appears resilient. If ADA breaks past this level, analysts point to potential targets at $0.684 and a possible reach toward its yearly high of $0.81. In the event of a pullback, support is expected around $0.53 and $0.49, levels that could offer stability should broader market momentum wane.

The recent surge and whale interest underscore a renewed optimism around Cardano, a sentiment that could shape its trajectory in the coming months. As the crypto market rallies, ADA’s performance will be closely watched, particularly by investors speculating on whether this could signal a broader, longer-term move in the altcoin space.