Whale activity on Cardano (ADA) has recently surged significantly. According to data from Santiment, the group of whales holding between 10 million and 100 million ADA has ramped up their accumulation of ADA in the past week, with purchases totaling around 220 million ADA, worth over 192 million USD. This has pushed the total amount of ADA held by this group up to 12.74 billion, marking the highest accumulation level in the past six months.
This increase in accumulation by whales and long-term holders has reduced the supply of ADA on the market, creating upward momentum for the price. The price of ADA has risen about 47% in the past week, despite market volatility. The average holding time of ADA has also increased by 78%, reflecting a shift from short-term trading strategies to long-term confidence in the asset.
Some key factors to consider about ADA currently:
• Current price: 0.89 USD
• Growth in the week: Approximately 47% (according to information from Bitcoin Magazine)
• Strong demand: The On Balance Volume (OBV) indicator continues to rise, confirming strong demand for ADA
• Important resistance level: ADA could break the resistance level of 0.94 USD to reach a three-month high
Overview, the activity of whales on Cardano is showing confidence in the potential of ADA, and the recent price growth may continue if demand remains strong.
