Cardano (ADA) price is up 14% in the past two weeks, crossing the $0.40 mark for the first time since February. On-chain data shows how a smart group of whales stacks up on buying pressure. But how much bull in the tank?

Cardano has been making positive headlines in recent weeks with its filing New product features And Bug fixes. However, according to on-chain fundamental data, the stablecoin launch of DJED appears to be capturing investor interest.

Cardano whales lead the bull rally

According to on-chain data collected by Santiment, a group of price-savvy whales started accumulating ADA a few days after Cardano launched its native stablecoin DJED.

The chart below shows how whales with balances of 1 million to 10 million ADA started buying in early February. Between February 2nd and April 11th, they collected 210 million coins, worth approximately $84 million.

When whales collect cryptocurrency, it means an increase in confidence among large institutional investors. This increased demand puts upward pressure on the price and could inspire other retail investors to become bullish.

Notably, the buy/sell pattern of this whale group is closely linked to the price action of ADA since August 2022. ADA could see further price increases if this trend continues in the coming weeks.

Likewise, the network value to transaction volume (NVT) ratio confirms this bullish narrative. According to Santiment, despite the break above the $0.40 resistance, ADA still appears to be overbought around the current price.

The chart below shows that the Cardano NVT percentage has been flat since early February. Between February 1 and April 11, the NVT crashed by 84% from 58.82 to a low of 9.25.

The NVT ratio evaluates the fundamental value of a blockchain network relative to the volume of trading activity on that network. When it is trending downward continuously, it indicates that the underlying asset currency is undervalued around current prices.

With Cardano NVT now down for more than two months, cryptocurrency investors may soon be piling on.

In short, the accumulation trend between well-timed whales and ADA’s no-buy situation could lead to more price gains soon.

ADA Price Prediction: $0.45 on hand

Looking at IntoTheBlock’s global in/out-of-the-money price distribution data, ADA could soon reach $0.45 if the bullish outlook holds.

The bulls can move forward if ADA price breaks above $0.41. Although the pool of 179,000 addresses containing 2.8 billion coins is in this region you might be looking to make some profits.

But if ADA expands this area, it could rally towards $0.45. However, the most important resistance of 287,000 addresses that 1.87 billion coins with an average price of $0.45 could stand in its way.

However, the bears could carve out the upside if ADA fails to hold its current support at $0.39. Although this support of 179,000 addresses containing 2.8 billion coins will try to support the price.

If the bears break this support line, Cardano could drop towards $0.35, which is the minimum price where 338,000 addresses bought 7.7 billion coins could resist.