Cardano Whales Boosting ADA Accumulation
Despite the stagnant performance of the ADA price, recent developments indicate that Cardano whales are actively accumulating the digital asset, suggesting a potential recovery. These whales have historically increased their positions during bearish trends, and the recent dip in ADA price was no exception. Instead of selling off their holdings, they engaged in a buying frenzy.
The ADA price fell to $0.2422 earlier this week, which prompted the whales to increase their activity and purchase the digital asset at what they perceived as a low price. Data from IntoTheBlock revealed that these whales moved over $3 billion worth of ADA on Monday alone, indicating a strong accumulation phase.
Rise in Active Users
Another positive development for the Cardano network is the significant increase in its active users. IntoTheBlock reported a surge in daily active addresses, surpassing 42,500 addresses, representing a more than 60% rise compared to previous figures. Although there has been a slight correction in daily active addresses recently, with DeFiLlama tracking website recording 31,846 active users in the past 24 hours, this still indicates growing interest in the Cardano network.
With rising user activity on the network, there is an increased demand for ADA as users require it for transactions within the ecosystem.
Potential Price Breakout
The ADA price has been trading within a narrow range for some time. However, with whales actively accumulating and a surge in active users on the Cardano network, there is potential for a breakout. If the price bounces from its current level, it could retest the resistance at $0.26 in a short period.
Hot Take: Cardano Whales and Rising User Activity Point Towards ADA Recovery
Despite the lackluster performance of the ADA price, recent developments suggest a potential recovery for Cardano. Whales have been accumulating ADA during price dips, indicating their confidence in its future value. Additionally, the surge in active users on the Cardano network signifies growing interest and demand for ADA as the token that powers the ecosystem. With these factors in play, there is a possibility of a breakout from the current price range, potentially pushing ADA towards the $0.26 resistance level. Keep an eye on these key indicators as they could be early signs of an ADA price recovery.
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