Market analysis platform IntoTheBlock recently reported in a post on X (formerly Twitter) that "whale" Cardano (which owns between 100 million and 1 billion ADA) has increased its balance sheet by 11 percent over the past 30 days. These investors now own 6.71 percent of Cardano's total production.
This is optimistic for #Cardano because a growing number of whales usually suggests that these investors are preparing for potential price increases, and these whales are also contributing to price increases, as purchases of this magnitude can drive crypto-token prices higher.
In addition to the "whales," individual investors are also heavily invested in Cardano. IntoTheBlock data shows that the imbalance in supply and demand volumes is bullish for #ADA . In addition, the in-the-money indicator has also turned bullish for Cardano, meaning that most investors are now taking profits.
Overall, confidence in the Cardano ecosystem is growing again. According to DeFiLlama, total #blockchain funds (TVL) on the network have increased by over 5% in the last 7 days. Cardano trading volume has also increased significantly recently, with users actively trading online.
Crypto World chart suggested that Cardano could soon experience a significant rally, noting that the cryptotoxin's breakout has already been confirmed and is approaching its projected target price. Previously, analysts predicted that if the breakout is successful, Cardano's price will rise to 11 in the coming weeks.
#Cryptocurrency miners Trend Rider also confirmed that Cardano already has a bullish reversal, noting the cryptocurrency's rebound that occurred after a bullish signal appeared on the daily chart. In the short term, analysts expect ADA to rise back above 0.05, adding that Cardano needs to complete a price correction and hold above 0.051 on the weekly chart to confirm the continuation of the bullish trend.
Crypto analyst Dan Gambardello, founder of Crypto Capital Venture, also gave his opinion on Cardano's future trajectory. He noted that Cardano is currently breaking through its 20-day moving average (MA), which analysts believe is a very "good sign" for ADA.
Read us at: Compass Investments