Cardano (ADA) Accumulation Trend Could Trigger Another Rally
Cardano (ADA) has experienced a stagnant price in recent months, but that may soon change due to an interesting development among ADA sharks and whales. These large wallets, holding between 100,000 and 10 million ADA, have been consistently accumulating the cryptocurrency over the past two months. In total, they have purchased over $116.1 million worth of ADA, causing their cumulative trading volume to rise significantly. As a result, sharks and whales now account for 34.4% of the total circulating ADA supply, a level not seen since 2022.
The recent buying pressure from these large holders could lead to a positive response from ADA’s price. In July, ADA experienced a price jump from below $0.3 to a high of $0.37, and with growing demand, it may soon retest the $0.35 resistance level. If this coincides with a recovery in the price of Bitcoin, ADA could rally above $0.4. Bulls would need to maintain control for this to happen, and recent data suggests they may be doing just that, with a 6% increase in ADA’s daily trading volume. Currently, ADA is valued at $0.2991, showing a 2.93% increase on the daily chart but a 2.33% loss on the weekly chart.
Key Points:
– ADA’s price has been stagnant, but an accumulation trend among large holders may trigger a rally.
– ADA sharks and whales have consistently added to their balances over the past two months, buying over $116.1 million worth of ADA.
– Their cumulative trading volume has increased significantly, accounting for 34.4% of the total circulating ADA supply.
– ADA’s price action has shown some encouraging signs, with a jump from below $0.3 to $0.37 in July.
– The growing buying pressure and positive investor sentiment could lead to a retest of the $0.35 resistance level and potentially rally above $0.4.
Hot Take:
The accumulation trend among ADA sharks and whales is a promising sign for Cardano’s future price. If bulls can maintain control and the buying pressure continues, ADA has a strong chance of surpassing its recent local peak and reaching new highs. The upcoming weeks will be crucial in determining whether ADA can break out of its stagnant phase and experience a significant rally.
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