A Surge in Accumulation: Cardano’s Promising Prospects
Despite the prevailing bearish sentiment in the crypto market, Cardano (ADA) has witnessed a noteworthy surge in accumulation. Trader sentiment towards ADA may be subdued, but this hasn’t deterred large holders from showing continued interest in the asset. Data from Santiment reveals that the number of wallets holding 100,000 or more ADA tokens has reached its highest level in 16 months, with over 25,000 such addresses.
Key Points:
- Cardano’s market cap has experienced a 35% decline in the last four months.
- Despite this decline, large holders have continued to accumulate ADA.
- The number of wallets holding 100,000 or more ADA tokens is at its highest level in 16 months.
- The surge in high-value ADA addresses started in July 2022, following a drop from February 2021 to June 2022.
- Despite ADA reaching an all-time high in September 2021, the number of high-value wallets continued to decline until July 2022.
This accumulation trend among bigger players in the market reflects their belief in Cardano’s underlying value and potential for future growth. Similar patterns have also been observed among whale addresses holding between 100,000 ADA and 10 million ADA. However, ADA currently struggles to hold above the $0.29 price territory amidst the overall uncertainty in the crypto market. The asset seeks to recoup recent losses, but resistance from bears is hindering its recovery campaign.
Hot Take:
The surge in accumulation of Cardano (ADA) by larger players demonstrates their confidence in its prospects. Despite market fluctuations, ADA continues to attract interest from significant holders, indicating a strong belief in its underlying value and long-term growth potential.
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