On November 20, crypto whales made some big moves that affected the bullish trend of Cardano (ADA). However, things have changed recently. Now, the focus is back on the accumulation by these whales. This renewed buying activity hints that ADA’s price might just regain its upward momentum toward the $1 mark. But does the data back up this optimistic view?

According to IntoTheBlock, the netflow of large Cardano holders has jumped to 67.51 million ADA. This signals a major shift in sentiment among these crypto whales. Netflow measures the difference between how much ADA is bought and sold by large holders over a certain period.

When netflow rises, it means whales are buying more than they’re selling. That’s usually a good sign. On the flip side, if netflow drops, it indicates more selling, which is generally viewed as bearish.

In this case, the recent netflow increase, worth about $55 million, aligns with an 11% price surge of ADA in the last 24 hours. This accumulation suggests that ADA might be set for further gains, with this uptick laying a solid foundation for a higher value.

Additionally, the In/Out of Money Around Price (IOMAP) indicator supports this bullish outlook. The IOMAP evaluates token clusters in three categories: holders who bought below the current price (in the money), those who paid above (out of the money), and those at breakeven.

This metric is crucial for spotting potential support and resistance levels. If there are more tokens “in the money,” it shows strong support. Many holders are in profit and less likely to sell, which can drive the price up.

On the other hand, a higher number of tokens “out of the money” points to resistance. These holders might sell to recover losses, putting downward pressure on the price. Right now, ADA’s IOMAP shows that strong support levels outweigh resistance zones, reinforcing the potential for price increases.

Looking at the daily chart, ADA’s price has moved above key Exponential Moving Averages (EMAs). Specifically, the 20-day EMA (blue) and the 50 EMA (yellow) are below Cardano’s current price. When the price is above these indicators, it signals a bullish trend.

If the price drops below these indicators, it would indicate a bearish trend. Given the current trajectory, ADA could rise above $0.87. If that happens, the altcoin might rally toward the $1 mark.

However, if Cardano whales decide to sell and take profits, this prediction might not hold. In that case, the price could drop to $0.68.