Data from on-chain analytics platform Santiment also shows that
"whales
" of #Cardano have increased their positions. These investors had between 100,000 and 10 million #ADA tokens stored in their wallets, having purchased a total of 120 million ADA tokens between July 17 and August 1. These wallets now hold more than 5.69 billion ADA tokens.
The rise in whale activity is indicative of the bullish outlook for the Cardano ecosystem. These investors can influence the market price, and such purchases could lead to a significant jump in the value of ADA. This would provide a much-needed boost for Cardano, as its value has fallen significantly since the beginning of the year.
Since the beginning of the year, Cardano has fallen more than 35% (YTD) and is one of the most shorted #altcoins thanks to this unimpressive price movement. However, Santimento believes that a reversal of the #cryptocurrency cannot be ruled out as Cardano has been heavily shorted, which increases the
"likelihood of liquidation leading to pumping
". Analyst platform on-chain claims that such liquidations could be the rocket fuel for Cardano's price rise.
What will ultimately cause the ADA rally?
This year, Cardano has failed to make significant gains despite several bullish developments in the ecosystem. The most recent fundamental event was the news that the U. S. Securities and Exchange Commission (SEC) will no longer consider ADA as a security after amending its complaint against #Binance .
the hard fork of Chan is already underway as Cardano enters the Voltaire era and implements a modern governance system. It's worth noting that the ADA price has maintained a quiet movement following the release of the node verification software, version 9.1. 0, which includes the Chan hard fork.
Read us at: Compass Investments
