Investors, known as “whales,” are showing a strong interest in Cardano (ADA), indicating the potential for a comeback. Recent data from IntoTheBlock reveals that Cardano whales have increased their holdings by 11% in the past month, now controlling almost 7% of ADA’s total supply.
While Bitcoin and other altcoins are experiencing a resurgence following the approval of a spot Ether ETF, Cardano’s native cryptocurrency, ADA, is particularly showing strength. At the time of writing, the price of Cardano (ADA) has risen by 7.47% to over $0.50, with a market cap of $18 billion.
Furthermore, the daily trading volumes for Cardano have surged by an impressive 80% to over $600 million. This development has caught the attention of large-scale investors, commonly referred to as “whales,” as reported by Crypto News Flash. This increased interest from influential investors could potentially lead to a strong comeback for the world’s tenth-largest cryptocurrency.
Data from IntoTheBlock also reveals an interesting trend: Cardano whales, who hold over 100 million ADA tokens, have increased their holdings by 11% in the past month, now controlling nearly 7% of Cardano’s total supply. This accumulation of ADA by whales is seen as bullish, indicating that these influential investors are positioning themselves by acquiring more promising assets.
It’s not just whales who are confident in Cardano’s potential. Retail investors are also participating in the bullish trend. Additional data from IntoTheBlock shows a positive bid-ask volume imbalance for ADA, indicating that buying pressure outweighs selling pressure. Furthermore, the ‘In The Money’ metric, which assesses the profitability of current holders, has turned positive.
Beyond investor sentiment, overall confidence in the Cardano ecosystem is on the rise. According to DeFiLlama, the Total Value Locked (TVL) on Cardano has increased by over 5% in the past week. TVL is a crucial metric in the DeFi space, indicating the total value of assets staked or locked in the network’s smart contracts, reflecting the growing utilization and trust in the platform.
Prominent crypto analysts are also predicting a significant rally for Cardano. World of Charts, an analyst, believes that ADA’s breakout is confirmed and expects the token to reach $1 in the next few weeks, as reported by Crypto News Flash. Similarly, Trend Rider has identified a bullish pattern for Cardano and expects ADA to hold above the $0.5 level in the short term. Dan Gambardello, founder of Crypto Capital Venture, highlights ADA surpassing its 20-day moving average (MA) and the formation of a golden cross on Cardano’s daily chart, indicating potential price movements.
With the resurgence of whale activity, strong retail investor interest, and increasing confidence in Cardano’s ecosystem, the outlook for ADA looks promising. Coupled with bullish predictions from several analysts, Cardano could be on the verge of a significant resurgence.