The idea is a slow consistent drying process, so it doesn't dry too fast on the outside and crack, so you're controling the moisture, keeping it even at every depth of the wood as it dries.
When you're done carving, you can still keep it in wet towels if you refresh them regularly, daily ideally. Or you can seal it in end grain sealer, but you can't just forget about it. Diligence is a key. If it's sealed in Anchorseal (end grain sealer) you still need to check it every few days at first, later at least every week, looking for any signs of cracking, and re-coat if you see the slightest sign. I look with a magnifying glass.
While you're doing this, start a pile of wood to dry for future carving. It's a lot harder, but it's also a lot more predictable! Use end grain sealer on these pieces to slow drying/checking.
The bad part of using end grain sealer on a finished carving is it's a mess...wax all over a finished carving. But if it keeps a good one from cracking, that's ok.
If you have a small piece of green cherry, try microwaving it just for fun. I haven't done it but Folks say it works great! My Dad knows a carver who carves small items from green wood then DEEP-FRIES them! he says it works great! No cracking! I try to stay as far away from anything deep-fried as I can.

You really should do a search on drying wood or carving green wood on here. There has been a lot of insightful discussion and information on the subject. You could spend a day or two reading about it, and come away with a wealth of information and understanding!
Wade