are back in the picture, with recent data suggesting their confidence in the crypto token may have been revived. If so, this will be massive for ADA, which could experience soon enough based on this development.
Cardano Whales Add To Their Holdings
The recently revealed in an X (formerly Twitter) that Cardano whales (who hold between 100 million and 1 billion ADA) have now added 11% to their balances over the past 30 days. These investors now hold 6.71% of Cardano’s total supply.
This represents a bullish development for Cardano since usually suggests that these investors are positioning for a potential price surge. These whales also contribute to the price surge since buys of such magnitude could trigger a rally in the price of any crypto token.
Besides the whales, retail investors are also heavily invested in Cardano. from IntoTheBlock shows that the bid-ask volume imbalance is bullish for ADA. Furthermore, the ‘In The Money’ metric has also turned bullish for Cardano, meaning that most of these investors are currently in profit.
Generally, the confidence in the Cardano ecosystem is growing once again. from DeFiLlama shows that the on the network has increased by over 5% in the last seven days. Lately, there has also been a significant increase in Cardano’s trading volume, meaning users are actively trading on the network.
Cardano’s Rally Is Imminent
suggested that Cardano might soon experience a significant rally, that the crypto token’s breakout was already confirmed and moving toward the projected price targets. The analyst had that a successful breakout would take in the coming weeks.
also that Cardano is already witnessing a bullish reversal, highlighting the bounce the crypto token made after flashing a bullish signal on the daily chart. In the short term, the analyst ADA to climb back above $0.5 and that Cardano will need to hold above $0.51 on the weekly to end the price correction and confirm a bullish continuation.
Crypto analyst Dan Gambardello, the founder of Crypto Capital Venture, also insights into Cardano’s future trajectory. He noted that Cardano is currently breaking its 20-day moving average (MA), which the analyst claimed is a very “nice sign” for ADA.
Gambardello pointed out on Cardano’s daily chart that the 50-day MA has crossed the 200-day MA, which likely means that the bottom is already in, and this is the lowest Cardano will go. This occurrence is referred to as a and is a bullish signal, indicating the beginning of an upward trend.
Featured image from Pexels, chart from TradingView