Cardano Whales and Sharks Show Resilience Despite Stagnant Price
Cardano (ADA) has been trading within a narrow range without any significant volatility. Over the past month, ADA has experienced a decline of approximately 20%, currently trading at $0.29. Despite this frustrating trend, ADA whales and sharks have displayed resilience by continuously accumulating ADA tokens.
Key Points:
- Cardano’s trader sentiment has been negatively impacted by a 35% decline in market cap.
- However, ADA whales and sharks have remained undeterred, with the number of addresses holding over 100k ADA reaching its highest level since April 2022.
- The accumulation of ADA tokens often signals a bullish momentum in the future.
- An analyst named Ali drew parallels to a similar period of stagnancy between 2018 and 2020, which was followed by a bull run of over 2,985%.
- If history repeats itself, ADA could potentially break free from its current range around February 2024.
Despite ADA’s lackluster performance, the Cardano ecosystem has seen significant growth. According to a Messari report, Cardano’s average transaction value increased by 8.5% in Q2 compared to the previous quarter. Additionally, the average daily transactions also saw a nearly 2% increase.
Hot Take:
Although Cardano has been stuck in a stagnant price range, the accumulation of ADA tokens by whales and sharks suggests that a bull run may be on the horizon. Patience is key in the crypto market, and those who are willing to wait may be rewarded in the future.
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